Kingspan adds members to board

Kingspan has moved to strengthen its board with the appointment of two more non-executive directors. But the company is not planning any change to the dual role of chairman and chief executive held by Mr Eugene Murtagh at present.

The building materials group said yesterday that Mr Brian Joyce and Mr Tony McArdle would join its board as non-executive directors.

Mr Joyce was formerly managing director of the Irish Dairy Board and is chairman of the EBS Building Society and the Mater Private Hospital. He also holds a number of other directorships in private companies. He is also a former CIÉ chairman.

Mr McArdle, who recently retired from Ulster Bank after 35 years, served as chief executive of the bank's retail division, head of corporate banking, and as chief executive of Lombard & Ulster.

This move follows the appointment of Mr Tom Mulcahy, former AIB chief executive and current Aer Lingus chairman, as a non-executive director earlier this month and brings to six the number of non-executive directors on Kingspan's board.

It also follows growing pressure from fund managers for more independent non-executive directors to be appointed to company boards.

A spokesman for Kingspan confirmed yesterday that the company had held discussions with the Irish Association of Investment Managers (IAIM) about the composition of its board and Mr Murtagh's dual role.

However, while the company has moved to increase the number of non-executive directors on the board, "no change in the joint role is envisaged at this point in time," the spokesman said.