ESB Chairman to retire

Tadhg O'Donoghue, Chairman of the Board of ESB has announced his intention to retire from the position on 22nd January 2008, at which point he will have served in the position for seven years.

Announcing his decision Mr O'Donoghue said, "I have been fortunate to have had the opportunity to spend seven most challenging years as Chairman of ESB. In that period, the company has completed a major reorganisation and rationalisation programme, has rebuilt the distribution network countrywide and has established its international business on a healthy expansion course. The company is now entering a new phase of development to meet the ambitious targets and challenges as set out in the Government's white paper which will require consistent and vigorous leadership over the next number of years.

I retired as a Senior International Partner in PricewaterhouseCoopers in 2001 at the age of 60. I have now completed 20 years on State boards, including the Higher Education Authority, Aer Rianta, Chairman of Bord Iascaigh Mhara and currently Chairman of ESB.

At age 67, I have concluded it is an appropriate time to retire.

I leave ESB in good stead and thank all those many friends and colleagues on the Board who worked with me during my period as Chairman.

I wish the company well and retire in full confidence that it can face the future as a strong and vibrant vertically integrated utility".

Chief executive, Padraig McManus thanked the Chairman for his contribution over the years, "He has provided extraordinary leadership to the Board and invaluable support to me as Chief Executive. I very much regret his decision to retire but appreciate his reasons for doing so on the completion of seven very successful years as Chairman of ESB. I am sure you will all join with me in wishing Tadhg and Eilis all the very best in the future."

The Minister for Communications, Energy and Natural Resources also paid tribute to Tadhg O'Doghues stewardship of the ESB Board. "Tadhg leaves behind a number of significant accomplishments to mark his seven year tenure as Chairman of the ESB. Since his appointment in 2001, he has guided ESB through a period of unprecedented change within the Irish electricity sector.

The major challenges ESB have faced over the past seven years include increased competition in a fully open market, the recent establishment of the Single Electricity Market and the separation of ESB National Grid from ESB as EirGrid."