UCC president gets €8.4m takeover windfall

EMBATTLED UCC president Gerry Wrixon is to pocket €8.4 million from the €24m sell-off of the campus company, Farran Technology, to British defence giant the Smiths Group.

Professor Wrixon, who earns €180,736 a year as president of UCC, founded Farran Technology in 1977 to supplement his UCC lecturer’s salary. UCC colleagues Dr Sverre Lidholm and Nualight director Liam Kelly who hold a 30% share in the company will receive €3.6m each as a result of the deal.

Cork-based venture capital company Bank of Ireland Kernel Partners Private Equity, which took a 19% stake for €800,000 in Farran Technology in March of 2003, is also a major winner.