An Irish executive has been appointed president and chief operations officer of Canadian multinational, Newbridge Networks. Cork-born Mr Pearse Flynn will take the helm of the $1.8 billion (€1.7 billion) company, following the resignation of former president and chief operations officer, Mr Alan Lutz. Since May, Newbridge's share price on the Nasdaq stock exchange has fallen steadily from around $38 (€36.2 billion) to yesterday's close of $16.25.

Mr Flynn, who is from Ballycotton, Co Cork, was appointed to Newbridge six months ago as executive vice-president and general manager for Europe, the Middle East and Africa. In this role, he consolidated operations at Newbridge, closed down offices, and reduced employee numbers. Newbridge Networks provides advanced networking products for telecoms and digital communications companies.

The company employs more than 6,000 people on six continents, and employs 24 people at its logistics and distribution centre in Shannon, Co Clare.