Former Elan head Donal Geaney dies

The chairman of the National Pensions Reserve Fund Commission and former Elan chief executive Donal Geaney has died aged 54.

Mr Geaney passed away yesterday morning after a long illness. He was 54.

He was also chairman of the Shannon-based Irish Aviation Authority and a Bank of Ireland director.

Earlier this year, Elan settled a High Court action with Mr Geaney, in which he claimed he was denied share option entitlements worth up to $12 million, for a sum of €3.5m plus an agreed sum of costs.

During his 17 years at the helm in Elan Donal Geaney transformed the company from a small business to the most valuable business on the Irish Stock Exchange worth €24.5 billion.

Tributes were paid to Mr Geaney last night by former colleagues.

The Commissioners of the National Pensions Reserve Fund said they deeply regret the passing of its Chairman who has chaired the NPRF since its inception in 2001.

"His vision, intellect and energy were key elements in its development. He was unfailingly committed to and enthusiastic about the Fund and his immense contribution will make a significant impact for years to come. We would like to express our condolences to his wife Anne and sons, John Richard and Danny."

Dr Michael Somers, chief executive of the National Treasury Management Agency, paid tribute to Mr Geaney's chairmanship of the National Pension Reserve Fund which now has assets worth in excess of €14 billion.

"The NTMA has learned with shock and great sadness of Donal's untimely passing today. We will deeply miss his enthusiasm, his wit and the vast experience he brought to the Fund.

Elan Chairman Kyran McLoughlin also extended the group's sympathy to Mr Geaney's family.

"We are saddened at the loss of our former colleague, chief executive and chairman.

"Donal was a man of great vision and business acumen and he played an enormous part in the development of Elan," he said.