Businessman Niall Devereux has left his position as chief financial officer of Siteserv to take up the same position with Ireland’s largest petrol retailer, Topaz.

Mr Devereux was appointed financial officer of Siteserv in May 2009 and remained in the position after billionaire Denis O’Brien took over the former plc for $45.2 million earlier this year. As part of the deal, the Irish Bank Resolution Corporation (formerly Anglo Irish Bank) agreed to take a hit of more than 70 per cent on the €150 million in outstanding debt it was owed by Siteserv.

Topaz, whose shareholders include Mr O’Brien and Galway businessman Gerry Barrett, said earlier this year it was seeking to pay down its bank debt as quickly as it could. Its main lender is State-owned IBRC.