Two senior executives to leave Veris group as McFadden takes the helm

TWO KEY executives are set to leave Dublin- and London-quoted services group Veris and the ongoing shake-up of the business will leave it focused on its facilities management operations.

The company said yesterday that Niall McFadden, who owns 5.9 per cent of the group directly and 13.1 per cent through his investment vehicle, Boundary Capital, will take over as executive chairman.

He currently chairs the company on a non-executive basis.

Chief executive Bernard Farrell is resigning at the end of this month, but will remain on the board as a non-executive while Veris continues with its strategic review.

Group chief financial officer John O’Donoghue will resign from that role at the end of October, and has already resigned as company secretary.

The group is to close its head office in Sandyford, Dublin.

Mr Farrell is leaving to “pursue a number of private investment opportunities”, while Mr O’Donoghue intends taking up a role in venture capital.

Mr Farrell said yesterday that Veris plans to focus on its facilities management division, which has businesses in Ireland and Britain. These provide security, maintenance, catering and other services to property owners and businesses.

Last April, the company sold its moving and storage division for €74,000 to Capstar, whose approach a month earlier sparked a review of the overall business.