One51 chief executive Lynch sacked

PHILIP Lynch has been sacked as chief executive of investment group One51, with the board moving quickly to appoint financial officer Alan Walsh as his interim replacement.

In a short statement, the One51 board said it had been considering succession planning “for some time”.

“As part of that process, the board announces, with regret, that Philip Lynch’s appointment as chief executive will cease with immediate effect,” it said. “The board is now commencing a recruitment process for a new chief executive to continue the development of the company.”

As well as Mr Walsh taking over on a temporary basis, another executive director, Michael Long, will fill the role of deputy chief executive for the foreseeable future.

One51 has a well-performing environmental services division, ClearCircle, while its investment division holds significant shareholdings in renewable energy group NTR and freight and ferry services business Irish Continental Group (ICG).

While some leading shareholders have been vocal concerning One51’s leadership and direction in recent times, Mr Lynch’s departure comes mere weeks after the business successfully agreed an extension to its existing €200 million bank facilities — with all of its initial lenders — six months ahead of expiration, meaning the business is fully- funded up to 2013.

Mr Lynch said yesterday was “a very difficult day” for him personally and “a critical moment in the history of One51”.

He added that as it became evident the board was looking to invoke the termination provisions of his contract, he had endeavoured to “reach an amicable resolution whereby a smooth transition to a new chief executive could be achieved in the interests of the company and its shareholders”.

Mr Lynch said the “divisive and personalised campaign” waged by some shareholders in the past year had dismayed him and put the group in a vulnerable position but that the company is “in great shape”.