Norish set for another reshuffle as chief executive set to resign

Cold storage and warehousing company Norish said yesterday that its chief executive, Mr Paul Byrne, would resign as a director and leave the company at the end of September.

Norish chairman Mr Ted O'Neill, who was elected to the company's board on May 1st, will assume the position of executive chairman.

Commenting on the change, announced after yesterday's board meeting, Mr O'Neill said: "The decision for Paul to pursue his career outside of Norish has been mutually agreed."

Norish has faced a tough time in recent years and has been forced to engage in radical restructuring and cost-cutting as it seeks to emerge from a period of recurring losses.

Its board has also been subject to frequent changes in recent months. Last November, chairman Mr Brian Joyce retired and was replaced by Mr John Paterson, a non-executive director of the firm.

He stepped down and Mr O'Neill, a former managing director of Imari, took over in May. Mr William McCarter, chairman of the International Fund for Ireland, was also appointed as a senior independent non-executive director, at that time.

He is also a director of Cooley Distillery, which is controlled by Dr John Teeling, who is also Norish's largest shareholder with a stake of nearly 9 per cent. He described yesterday's changes as "a logical development".

"It gives Ted O'Neill an executive position, which he didn't have. This should focus him better and I'm happy with that. It's a necessary step for the development of the company."

Meanwhile, Mr Greg O'Hara has tendered his resignation as company secretary and will be replaced by Mr Aidan Hughes, who will take over the role in addition to his job as financial controller.

Norish will also transfer its head office from its current location in Reigate, Kent, in the UK to its premises in Belvedere, Kent.

"This is part of management's reorganisation plans to streamline the administration and control of the business," the company said.

No further information on the new management's plans for the business was available yesterday.

However, market sources suggested the options facing Mr O'Neill were to merge the business with another, go on the acquisition trail or diversify into a totally new business.