Cashman on board at Glanbia

Board meetings at Glanbia are likely to be more interesting, and potentially more combative, affairs for the next couple of years after John Cashman was voted onto the board.

Mr Cashman, who comes from the Waterford side of the business, was one of the most vociferous opponents of the merger with Avonmore and his Kilmeaden group campaigned hard, but ultimately unsuccessfully against the merger.

Mr Cashman has also been vocal at Glanbia annual general meetings and many see him as a potential thorn in the side of Glanbia chief executive Ned Sullivan as he tries to get to grips with the problems that have driven Glanbia shares to their lowest level since the merger.

Mind you, Mr Cashman's membership of the Glanbia board is hardly matched by his financial commitment to the plc, whatever about the co-op which controls the plc. According to a stock exchange disclosure of June 11th, Mr Cashman bought 987 shares at an undisclosed price to bring his total stake in Glanbia to. . . 987 shares.

Meanwhile, Glanbia's decision to extricate itself from the British liquid milk business - albeit at a hefty loss - does seem to have been vindicated by recent events. The arrival of Wal-Mart on the British retail scene through its takeover of Asda is likely to increase the margin pressure on suppliers and in that sort of environment, Glanbia is well out of the sector.