Brosnan quits Kerry hot seat

Denis Brosnan, the financial wizard behid the Kerry Group's rise to one of the world's biggest players in the food market, has decided to step down as managing director.

The 55-year-old will become the group's new chairman on January 1, 2002, when he takes over from Michael Hanrahan.

The board has decided to appoint Mr Hugh Friel to the seat made vacant by Mr Brosnan.

The changes at board level were announced today when the Tralee-based multinational unveiled record pre-tax profits of £136m for last year - 16% up on 1999.

Sales for the group, one of the biggest companies in the food ingredients business in America, shot ahead during 200 by 6.7%.