Glanbia names new board chairman for the next two years

Glanbia said it appointed Donard Gaynor as its new chairman for the next two years to succeed Martin Keane who is retiring from the Irish food multinational next year.

Mr Gaynor will hold the new post "until no later than the 2022 agm", the company said, because he will have by then served on the board for the maximum nine years under governance codes, and a new chairperson will be appointed before the 2022 shareholders' meeting.

The appoinment of current non-executive director Mr Gaynor was "in line with its relationship agreement with Glanbia Co-operative Society", the company said. On the Glanbia board, he is a member of the remuneration, audit, and governance committees.  

Prior to Glanbia, Mr Gaynor worked at senior roles at Beam, Seagram Spirits in New York, and distiller Hazelwood Demesne, as well as at PwC. 

After co-investing in cheese plants in the US, Glanbia's growth strategy has in more recent years pivoted towards large acquisitions, including the North American purchase of SlimFast in late 2018.

The shares have been under severe pressure, however, losing 22% of their value in the past 12 months. Since the start of the year, the shares have traded as low as €7.72 in April, and traded at €8.74 on Tuesday. Valued at almost €2.6bn, Glanbia is still one of the most important Irish multinationals.