Unidare chief executive, Mr Paul Duggan, is stepping down with immediate effect, according to the company, because the position is no longer justified following the restructuring of its business.
The chairman of the engineering group, Mr Jack Hayes, will take over as executive chairman. The company has also announced the appointment of Mr John D Roach as chairman of its North American businesses.
Mr Roach is chairman and chief executive of Stonegate International, a private investment and advisory company based in Dallas, Texas. He is also a director of a number of companies, including the American Stock Exchange.
"This re-organisation reflects the recently streamlined nature of Unidare's activities and the importance of the North American businesses to the group," Mr Hayes said.
Unidare, in which financier Mr Dermot Desmond holds a near 27 per cent stake, began a strategic review of its struggling businesses in March 2001. The review led it to sell one loss-making business and close another.
Aside from its US distribution business, it now owns a British electrical distribution business, Eland, and Daalderop, a Dutch heating business.
"In the context of that, the post of chief executive is not justified and, as a result of that, Paul has stepped down," Mr Hayes said. Instead, the management of the company's various operations will report directly to him.
Shares in Unidare were unchanged on the news at €1.
The company said its results for the year to September 30th would be released in early to mid-December and were in line with current market expectations.
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