Aer Lingus finance chief in departures after IAG takeover

International Airlines Group (IAG) boss Willie Walsh, pictured, is moving to integrate Aer Lingus into his airline empire.

The first senior management change as a result of the IAG takeover will involve Aer Lingus chief financial officer Bernard Bot leaving, to be replaced by Rachael Izzard, who currently heads the finance section of IAG’s cargo operation. Bot, who joined the airline in July 2014, will leave at the end of October, we have learned.

Izzard is a long-time employee of British Airways. She joined the airline in 1996 and was appointed chief financial officer of IAG Cargo in 2013. She will report to Aer Lingus chief executive Stephen Kavanagh.

The IAG takeover of Aer Lingus recently completed, following months of negotiations between IAG chief executive Walsh and the key Aer Lingus shareholders, the Government and Ryanair. Close attention will now be paid to how Walsh puts in place new structures at his latest subsidiary and what degree of “flight control” will be exercised from London.

Bot has had a rewarding time in Ireland. He leaves after having become entitled to a significant payout as a result of the takeover. When he was recruited from TNT Express in the Netherlands, he was granted share options on 223,000 shares as part of his joining package. The takeover values these at more than €500,000. Not bad after little more than a year in the position.

Coincidentally Ryanair is also shaking up its finance team, with John Tuite, previously head of finance at Bank of Ireland, joining as head of finance, reporting to chief financial officer Neil Sorahan. The airline also announced that Eamonn Hackett is to join as group treasurer. He was previously deputy head of banking supervision at the Central Bank and will assume responsibilities for all treasury and banking functions.

Interesting to see two former senior bankers join the Ryanair empire in a significant beefing up of its finance function.