Calnan to remain at split SWS as president

SWS has abandoned its search for a new chief executive to replace Kieran Calnan, who retires from the company in early April.

The Irish Examiner understands that Mr Calnan is to be appointed president of SWS and will be retained as group development director of the Bandon-based business, which was recently bought for €110m in cash by Dublin-based financial group, Ion Equity.

It has emerged also that the two divisions of SWS bought by Ion will be split into two separate operations.

Since the recent appointment of Eoin O’Driscoll as chairman, Tim Cowhig has been selected to head up the wind and waste management division, while Jim Costello takes on the mantel as boss of business process outsourcing.

Up to 500 full and part time staff are employed in the combined businesses.

It is understood Ion boss Ian O’Leary has ambitious plans to develop the potential in the two businesses and, if successful, that both companies will seek to list on the stock market.

Before buying SWS Mr O’Leary, whose ancestry is in West Cork, told the Irish Examiner he intended to plough a combined total of 150m into the businesses within a matter of two years.