Eir beefs up board ahead of possible flotation in 2018

Directors with considerable experience join the board of telecommunications group

Last month Eir said it would seek talks with ratings agencies early in 2017 to seek an upgrade to its debt rating. Photograph: Maxwells

Last month Eir said it would seek talks with ratings agencies early in 2017 to seek an upgrade to its debt rating. Photograph: Maxwells

 

Telecommunications group Eir has beefed up its board ahead of a possible flotation in 2018.

On Tuesday Eir, which is valued at € 3.5 billion, appointed three new non-executive directors, and in doing so almost doubled the size of its board. The directors are David Goldie, Rosalia Portela De Pablo and Paul Reynolds.

The move follows the acquisition in June of a large minority stake in Eir by GIC, Singapore’s sovereign wealth fund and one of the world’s largest global investors. Eir is now under the purview of three major shareholders, including Anchorage and Davidson Kempner.

Mr Goldie has more than 30 years experience in telecommunications, in roles including CEO of TalkTalk Group and executive director of The Carphone Warehouse. Ms Portela De Pablo has worked for Telefonica and was CEO of Ono, the Spanish telecoms and entertainment company, while Mr Reynolds spent 24 years with BT Group before becoming CEO of Telecom New Zealand.

Industry knowledge

Commenting on the announcement, chairman Padraig McManus said: “I am delighted to welcome our three new directors. Each brings an extraordinary level of industry knowledge as well as a range of industry experiences and unique market perspectives. This further strengthens the composition of the board which will be invaluable as it oversees the continued execution of the group’s strategy.”

Last month Eir said it would seek talks with ratings agencies early in 2017 to seek an upgrade to its debt rating, as part of a plan to wrestle further control over its debt pile and secure further concessions on the interest it pays.

In November chief executive Richard Moat said that the group is more likely to be floated for a third time, than be taken over by an overseas rival, but that it will be at least two years before it attempts another IPO.