The well-known businessman and chairman of Aer Lingus, Mr Bernie Cahill, died last night in a drowning accident close to his home in Schull, west Cork.
According to local gardai, Mr Cahill (70) had gone to secure his speed boat which was moored there shortly before 8 p.m. His body was discovered by Mr Cahill's wife, Kathleen, who raised the alarm.
It is understood Mr Cahill was dead when taken from the water. He had been operating a winch at his private pier to secure the boat, which had been earlier in Schull harbour. His body was brought to Cork University Hospital where a post mortem is due to be carried out today.
Last night, the Minister for Public Enterprise, Mrs O'Rourke, extended her "deepest and fullest sympathy" to Mr Cahill's wife and family.
A spokeswoman said: "On behalf of the Taoiseach and of the Government, Ms O'Rourke paid tribute to Mr Cahill's long and distinguished career in the public service."
Aer Lingus group chief executive Mr John O'Donovan said Mr Cahill had possessed "unparalleled business acumen" and had made an immeasurable contribution to the airline.
He was best known as the architect of the rescue plan which brought the State company from the brink of insolvency in the early 1990s to profitability. From Bere Island, Co Cork, he joined Aer Lingus as chairman in 1991 after devoting most of his working life to the dairy business. While the State company's survival was once in doubt, its flotation on the Stock Exchange was sanctioned by the Government in late 1999. That remains Government policy.
Educated at University College Cork, he worked for the Condensed Milk Company of Ireland before joining Express Dairies in Britain in 1957. He returned from Britain in the 1960s to establish a business for Express in the Republic. The company was worth £100 million when sold in 1992 by its parent, Grand Metropolitan, to Waterford Foods and a group of Cork co-operatives.
He is survived by his wife and three children.