THE chairman of Shannon Development, Mr Michael Punch, is to retire, the company announced yesterday. Mr Punch has been on the board since 1986 and was appointed chairman last year by the Minister for Enterprise and Employment, Mr Bruton.

Mr Punch has a consulting engineering business in Limerick. He said yesterday an expansion of his business to the north west, with the opening of an office in Sligo, meant he would be unable to devote adequate time and energy to the chairmanship of Shannon Development.

Shannon Development confirmed yesterday that Prof Ed. Walsh of the University of Limerick and Mr Brian Murphy, general manager of the Dunraven Arms Hotel, have been reappointed to the board.