DCC has announced that its executive chairman, Jim Flavin, has resigned with immediate effect.
Mr Flavin informed the board today that, due to the continuing uncertainty arising from the outcome of the litigation with Fyffes plc, it was in the interests of the company and its shareholders for him to resign as executive chairman and a director of DCC plc.
Mr Flavin told the board: “While I am resigning, I firmly hold the view that I have always acted honourably and in what I believe to be the best interests of the company and all its shareholders”.
The board has appointed Michael Buckley as non-executive chairman with immediate effect.
Mr Buckley joined the board in September 2005, since when he has been senior independent director. Tommy Breen, who was appointed group managing director on July 1, 2007, has been appointed chief executive with immediate effect.
Michael Buckley said: “Jim Flavin has been the driving force within DCC plc, having founded the company in 1976, and has developed it into one of the most successful companies in Ireland”.
The board of DCC plc is focused on continuing the development of DCC in the interests of its shareholders.