Ex-CEO was paid €10.3m for paper firm
The former chief executive of the Roscommon Herald, who has brought an action against Thomas Crosbie Holdings in relation to the termination of his employment, was paid €10.3 million for the newspaper company in 2004, it emerged in the High Court yesterday.
The money paid to Mr Nerney for his sole shareholding in Roscommon Herald Ltd was revealed after Ms Justice Mary Laffoy ruled it was relevant to the challenge by TCH as to the credibility of the former chief executive, Brian Nerney, on the allegation that he had not mitigated his losses.
Mr Nerney, whose family had owned the Roscommon Herald for 60 years before the TCH 2004 buyout, was kept on as chief executive.
It was the second day of the action by Mr Nerney who is claiming he suffered reputational damage after TCH informed him by letter last July that he was being made redundant from his €80,000 job and he was not to re-enter the offices of the Roscommon Herald, where he had worked for 28 years.
Mr Nerney (47), Boyle, Co Roscommon, is seeking various orders including that TCH, by purporting to terminate his employment in July 2012, acted in the breach of his contract of employment.
The case continues.