Ex-PwC chief Feargal O'Rourke named as new IDA chair

Feargal O'Rourke has been named as the new chair of the IDA to succeed Frank Ryan.

Former PwC chief Feargal O'Rourke has been named as the new chair of the IDA to succeed Frank Ryan, completing the new leadership line-up of the Government's inward investment agency at a time of rapidly shifting priorities for US tech and pharma giants on which Ireland has long based its industrial strategy.      

The appointment, which was confirmed by Enterprise Minister Simon Coveney, comes after the naming as chief executive last year of IDA veteran Michael Lohan to succeed Martin Shanahan who had led the agency over the past decade.

Michael Lohan was appointed as chief executive of the IDA last year.

Mr O'Rourke has long been among the most influential non-government officials helping to shape Ireland's tax-driven strategy to lure multinationals. PwC was also involved in advising the Government as it conceded to international pressure to raise the minimum corporate tax rate to 15% from 12.5% for very large corporates. The shake-up of the global tax regime was driven by the Organisation for Economic Cooperation and Development.  

Experts have said a new wave of technologies, including artificial intelligence and even weight-loss drugs, as well as the US focus on bringing home its manufacturing base, and the acute housing shortage in Ireland, present a whole new bunch of challenges for the IDA. Potential cuts in interest rates in the US and Europe this year may help its cause, however.  

Mr Coveney also announced the appointment of existing board member Marian Corcoran as deputy IDA chair, and named Leisha Daly and Denis Doyle as new board members. 

Ms Corcoran is also on the boards of HP International Bank and PTSB and is chair of DCU Educational Support Services and is managing director of business advisory firm MC2 Change. She was also previously a partner at Accenture.  

Ms Daly is the former head of government affairs and policy at Johnson & Johnson, and Mr Doyle is chair of the Tyndall National Institute at UCC. 

“With over 300,000 people directly employed in IDA-client companies, and a further 240,000 indirectly employed, it’s vital that that organisation remains dynamic in what is a very competitive global market," Mr Coveney said.