The 58-year-old Kilflynn man has stepped down as chairman of the €2.6 billion company he nurtured from its creation in the Canon’s Field outside Listowel. He has also resigned from the board but retains a significant shareholding in Kerry Group.
The market made light of the move, which was signalled in February, and Kerry Group shares closed virtually unchanged at 14.05, down just 5c.
Listowel man Denis Buckley, 57, takes over as chairman of the company, which employs more than 18,000 people around the world and is 31% owned by Kerry dairy farmers through Kerry Co-op.
A dairy farmer, Mr Buckley has been vice-chairman of Kerry Group plc since March 1999, having been appointed as a non-executive director of the company on its launch as a plc in 1986.
Mr Buckley said the development of Kerry Group into a leading international food ingredients, flavours and consumer foods enterprise, is testament to Mr Brosnan’s unwavering leadership and strategic vision.
Mr Buckley, an active member of the ICMSA, is a brother of Fine Gael’s Cllr Tim Buckley who represents the Listowel electoral area on Kerry County Council.