Time ran out for business giant

Donal Geaney: At the height of his career at the helm of Ireland's largest indigenous pharmaceutical company, Elan, Donal Geaney…

Donal Geaney: At the height of his career at the helm of Ireland's largest indigenous pharmaceutical company, Elan, Donal Geaney quipped that, personally, the drug he required most was time.

The comment was testament to the ambition and disparate interests of the man. Business was in his blood from an early age, when he worked for his grandfather and father in the family wholesaling business.

He grew up in Clontarf and was educated at the Franciscan College, Gormanston, before studying business in Trinity College Dublin. From an early age, he was an enthusiastic fan of auto-racing and took part in several motor rallies.

After graduating, he joined Stokes Kennedy Crowley (SKC), where he trained as a chartered accountant. He stayed with the firm for 14 years, during which time it metamorphosed into KPMG. He became a partner in the firm in 1986.

READ MORE

It was in the course of his work with KPMG that he first came across Don Panoz, the Irish-American who founded Elan in 1969 with an initial investment of just $60,000.

In 1987, Geaney left the security of KPMG to join what was still a relatively obscure company, then based in Athlone, as executive vice-president for corporate planning. By his own admission, he did not know much about the drug industry when he made the move but he learned quickly and in 1995 became chief executive, having run through the roles of chief financial officer and chief operating officer.

A year later, he succeeded the retiring Mr Panoz as chairman.

He frequently referred to his decision to join Elan as a gamble which had paid off, and it was this ability to take a risk that helped him transform the company from an industry lightweight in 1987 to the State's largest listed business by 2001 - making it one of the more innovative drug developers in vital areas such as multiple sclerosis and Alzheimer's disease.

In 2002, he stood down after the company's shares collapsed following investor concern about accounting practices in a more cautious post-Enron environment.

He remained with Elan during its restructuring, acting as special adviser to chairman Dr Garo Armen.

Away from Elan, Donal Geaney was active on a number of fronts. He was chairman of the Irish Aviation Authority from 1998, and oversaw a major upgrade of the State's air traffic control infrastructure.

He was also a director of Bank of Ireland from 2000 and the following year was appointed, by then minister for finance Charlie McCreevy, founding chairman of the National Pension Reserve Fund.

Despite struggling with illness over the past couple of years, he maintained a heavy schedule, which also involved chairing software group Automsoft and advising on the boards of a number of private companies in Ireland and the US.

Outside business, he was a member of the board of the Trinity College Foundation and the Ireland-United States Council and a patron of Junior Achievement, a non-profit group dedicated to easing the path between the classroom and work.

Away from work, he was a keen golfer and a member of a number of clubs both here and in the United States, including Royal Dublin, the K Club, Chateau Elan and the Georgia Club.

Despite his travels and his successes, Donal Geaney never strayed far from Clontarf. It remained the family home and was where he spent his last few years after returning from the United States.

He is survived by his wife of 25 years, Anne; their three sons, John, Richard and Danny; and by his mother Maura and brother Paddy.

Donal John Geaney: born January 21st, 1951; died: October 7th, 2005