IAWS boss to stand down

PHILIP LYNCH surprised the Irish market yesterday with the announcement he is to quit as boss of IAWS after more than 20 years.

Chief operations officer Owen Killian will succeed Mr Lynch. Aged 57, Mr Lynch is to take over as chairman from Jim Maloney, who will relinquish his position in the group on October 1.

"Over the past five years IAWS has successfully developed into a totally new area of business lifestyle foods. In doing so, we have established strong market positions in the UK, US, Canada and Europe. Each of these markets offers exciting potential and the drivers of growth for the future are clearly mapped out for several years ahead."

To provide leadership and continuity for the group through this next phase of growth, Mr Lynch said the time was right to appoint a new chief executive.

Owen Killian was appointed chief operations officer in 1997.

Since then, he has had a central role in the acquisition policy and in the profitable development of the acquired businesses. Paying tribute to the outgoing chairman, Mr Lynch described him as a "truly remarkable man whose contribution as chairman of the company and prior to that in the restructuring of IAWS was outstanding."

Commenting on his decision to go now Mr Lynch said: "it's a great time (to quit the company) having brought it to where we have brought it and for Owen to take up the running having established the national distribution system across the US with plants in Toronto, New Jersey and Los Angeles." He singled out the purchase of Cuisine de France from its founders the more recent acquisition of La Brea in the US as the major strategic moves taken by the group over the past eight years. La Brea is the leading national brand for artisan quality bread in the North American market and its potential is huge.

Despite the slowdown in the economy, IAWS is growing at a fast pace with US sales up 60% in the last 12 months. That trend set to continue, he said.

So with the building blocks in place for solid further growth, Mr Lynch feels that at 57 it is time to move on, time to catch up on his family and friends and to do other things.

Looking ahead, Mr Killian said it was a "privilege" to have been part of the team to date and to be given the opportunity to take up the baton from Philip Lynch.