Damian Wallace steps down as Cork Opera House chairman

The Lord Mayor of Cork says the city owes a debt of gratitude to the chairman of the board of Cork Opera House, who is stepping down after helping to save the theatre from the brink of financial collapse.

Cllr Tony Fitzgerald, Fianna Fáil, praised financial consultant and former politician Damian Wallace for his voluntary work at the helm of the opera house over the last decade.

“I would like to thank him on behalf of the people of Cork for his energy and commitment to the arts of the city,” he said.

“His work has helped put the theatre on a sound financial footing so that it can be enjoyed by the people of Cork into the future.”

Mr Wallace confirmed over the weekend he will step down from the voluntary role at the end of this month.

“The time is right for me to step down and hand the role over,” he said.

Mr Wallace, a former Fianna Fáil city councillor and lord mayor, was appointed to the board in 2004 and appointed chairman in 2008 just as the recession hit.

In 2010, he was involved in the decision to close the theatre’s doors for three months on the back of €300,000 in losses for the previous financial year.

The announcement came a week after Mr Wallace had to ask Cork City Council for a €1m loan to save the venue from total closure.

The venue closed from July 4 until September 29, 2010, to help stem the losses and staff were told cost reduction measures through “significant payroll reductions” would be required.

The board described the enforced closure as an “unpalatable decision” but said the cost-cutting measures and restructuring were essential to address the company’s financial crisis.

Mr Wallace said he was confident the tough measures would ensure the long-term viability of the company.

A taskforce and a sub- finance committee were set up to review the entire operation and, by the end of the 2013 financial year, the company reported a €260,000 profit — its first profit in five years.

The financial recovery was consolidated the following year when the company posted a €250,000 profit.

Thanks to rigid management of finances and a renewed artistic programme, first overseen by former chief executive Mary Hickson and, in more recent years by her successor Eibhlín Gleeson, that trend has continued.

Last month, the venue recorded its fifth profitable year in a row — posting a profit of just over €265,000.

Mr Fitzgerald said Mr Wallace deserves huge credit.

“There has always been a great connection between people of Cork and the Cork Opera House, and Mr Wallace has ensured that that connection is alive and well, and viable going forward for years to come,” he said.

Mr Wallace said the credit should be shared with all board members who served alongside him, and by the theatre’s staff.

“I’ve been lucky to have served with many board members who had different skillsets. They all made a significant contribution to the theatre’s recovery,” he said.

He singled out for special mention Valerie O’Sullivan, who is also stepping down from the board.

“But I would like to pay tribute to the staff, in particular, who constantly tried to accede expectations, and provide a fantastic entertainment experience 300-nights a year. The recovery is a measure of their success really,” he said.

The retired head of finance of Cork City Council, Tim Healy, will take over as board chairman.