The death has taken place of the former chairman of Aer Lingus and CRH, Dr Michael Dargan.

Dr Dargan, who was 86 years old, was one of the founding members of the Irish Management Institute and was a senior member of the Irish business community.

He first came to prominence as private secretary to the Minister for Posts and Telegraphs, a position he held until 1946 and to which he was appointed at a young age.

On leaving the civil service he joined the then fledgling Aer Lingus as personnel officer. Over the following 28 years he rose to become chief executive of the company, a position he held from 1967 to 1974.

During this period he was also chairman of the Executive Committee of the International Air Transport Association, the governing body for the world's main airlines.

In the mid-1970s Dr Dargan took over the position of chairman of CRH, directing the successful integration of the merged Cement and Roadstone companies over the following two decades.

In the same period he was also appointed chairman of Fitzwilton and a member of the court of the Bank of Ireland, a position he held for 13 years.

Dr Dargan was appointed to Fitzwilton when it was heavily in debt and successfully oversaw the reduction of this debt by way of the organised disposal of assets.

During the 1980s he was chairman of Aer Lingus.

Mr Dargan was a native of Ballivor in Co Meath and maintained an interest in farming and the countryside throughout his life.

He had a strong interest in the Irish horse industry and as well as being a bloodstock breeder he held the position of senior steward of the Turf Club and was chairman of Goffs for a number of years.

In more recent years Dr Dargan was associated with some controversy arising from his appearance before the Moriarty Tribunal and being named in the Ansbacher Inspectors' report as having been a former client of Ansbacher (Cayman).

Dr Dargan told the tribunal in 1999 that he had known the late Mr Des Traynor "very well".

The two men had spent time together on the boards of Aer Lingus and CRH.

A cheque for £10,000 to Dr Dargan from bloodstock breeder Mr John Magnier, in respect of bloodstock dealings, ended up in an account in Guinness & Mahon bank controlled by Mr Traynor and was used for the benefit of Celtic Helicopters Ltd, the company run by Mr Ciaran Haughey, in 1985.

Dr Dargan told the tribunal he knew nothing of the funds being diverted to Celtic Helicopters. He said he used an account he had with Ansbacher (Cayman) to transfer funds to a son who lived abroad. Mr Traynor handled these transactions.

He had never made any investment in Celtic Helicopters, he said.

Dr Dargan is survived by his wife Blanche, five children, sixteen grandchildren and three great grandchildren.