Gabriel D’Arcy is to step down as managing director of Bord na Móna, after nearly seven years in charge, at the end of October.
He is set to join dairy and agri-business entity, Town of Monaghan Co-op as chief executive later this year.
It is understood that Mr D’Arcy — whose current contract with Bord na Móna wasn’t due to come up for renewal until the end of this year — offered his resignation to chairman John Horgan following the group’s AGM and the publication of its annual report and accounts earlier this week.
It is also believed that a process is already under way to find Mr D’Arcy’s successor at Bord na Móna, with it likely that a new chief will be named by early autumn.
Over the past couple of years, Mr D’Arcy — who has previously held a number of senior management roles with Kerry Group — has helped drag Bord na Móna back into profit and the renewable energy-focused utility’s newest annual report — covering the 12 months to the end of March and published on Monday — showed another period of strong growth, with record operating profits of €50.3m generated.
His successor will oversee the group’s partial merger with State forestry body Coillte, which is set to take shape over the next couple of years and will meld the two companies’ windfarm, biomass, tourism, and support services interests.
Bord na Móna is also nearing completion of its Mount Lucas and Bruckna windfarms — in Offaly and Laois, respectively — both of which should be revenue-generating before the end of the year, and is progressing with its Oweninny windfarm joint-venture with the ESB, in Mayo.
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