Greencore chiefs praise FitzPatrick

FORMER ANGLO Irish Bank chairman Seán FitzPatrick, whose controversial undeclared directors’ loans opened up a new phase in the banking crisis, was highly praised yesterday for his work as a director of convenience food company Greencore.

Greencore chairman Ned Sullivan, who himself resigned from Anglo’s board last month, and chief executive Patrick Coveney each lauded Mr FitzPatrick’s contribution to its board, from which he resigned after six years when the directors’ loan affair spilled into the open last December.

“I want to acknowledge Seán’s great contribution to the board,” Mr Sullivan told Greencore’s annual general meeting in Dublin.

His remarks were greeted with apparently ironic cheering among shareholders and a small measure of laughter. The sentiments Mr Sullivan expressed were echoed in precise terms by Mr Coveney, who praised Mr FitzPatrick’s “great contribution” to the company.

Asked if he was surprised by the developments at Anglo or whether Greencore’s own investors had raised the issue with him, Mr Coveney said he was present at the meeting to discuss Greencore and would not comment on Anglo.

Shareholders applauded one speaker who suggested Mr Sullivan should resign in light of the investigations into Anglo. Mr Sullivan however said he personally was not under investigation by the financial regulator or Director of Corporate Enforcement.

Mr Sullivan reiterated that point after the meeting. Asked about events at the bank, he said: “I’m personally very disappointed with events in Anglo that have been disclosed over the past couple of months and indeed in the last couple of days.”

Saying he was proud to serve as Greencore chairman, he declined to comment further.