By Harry Keaney
Gary McGann, Aer Lingus’s group chief executive, is leaving the Irish state airline to become chief financial officer of the Jefferson Smurfit Group.
McGann, a Dublin-born accountant, is 47. He joined Aer Lingus in 1994 from the drinks company Gilbeys of Ireland, where he was chief executive. He was the third chief executive to be appointed to Aer Lingus in two years, his predecessors having been Peter Owen and Cathal Mullan.
McGann’s renumeration package from Smurfit is likely to include potentially lucrative share options, performance bonuses and, in time, perhaps an appointment to the Smurfit board.
At Smurfit, McGann will replace chief financial officer Ray Curran who is moving to Chicago to become deputy chief executive and executive vice president of the new Smurfit Stone Corporation, the company that is the result of the merger between Smurfit’s U.S. arm, the Jefferson Smurfit Corporation, and Stone Corporation.
Meanwhile, B=rd F_ilte is currently looking for a chief executive, a marketing director and a marketing statistician-analyst.
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Inflation is the fear
Although the Irish and U.S. economies are like David and Goliath, both are scared of the same predator, inflation. In the year to April, there has been a 2.5 percent increase in inflation in Ireland. That figure is the highest annual rate since May 1995, and leaves the Ireland with one of the highest rates of inflation in the European Union. Only months ago, Ireland had one of the lowest rates. The biggest contributor to Irish inflation was the price of food.
Profits soar at Bank of Ireland
Pre-tax profits at the Bank of Ireland Group increased by 34 percent to _530.4 million for the year to the end of March. Just more than 10 percent of the group’s profits came from the U.S.
Ireland generated 70 percent and 19.3 percent came from Britain.
Boston meeting on mentoring
The Irish Networking Society, of Boston, will hold a meeting dealing with the topic of “Mentoring at Work and at Play” on June 3 from 6:30-9 p.m. in the Independence Room, the John Hancock Hall, 180 Berkeley St. The meeting will take a look at how formal and informal partnerships can help people progress in their careers, and also what it is like to volunteer free time as a mentor to a younger person. The keynote speaker will be Stephen Bell, a career training consultant. Admission is $5 for society members and $10 for non-members. Tea and coffee will be served. There will be a social gathering after the meeting in the Back Bay Brewing Company, 755 Boylston St. For information, call (781) 446-8074. or log onto www.irishnct.com/ins
Ireland gets tough with copyright
Ireland is, at last, getting tough on the abuse of software copyright. Fines of up to _100,000 and prison sentences of up to five years are proposed in new copyright legislation to be soon brought before the Oireachtas for approval. In July, the Irish government is expected to announce a comprehensive Copyright and Related Rights Bill.
Multinational software companies had complained about Ireland’s outdated copyright protection and the reproduction of software products. The U.S. government also threatened to bring Ireland before the World Trade Organization in Geneva.
Travel tips
Starting May 27, CIE Tours International is introducing the Irish Castles fully escorted, five-day luxury vacation, priced from $1,395 per person plus airfare. Meanwhile, two countries for the price of one is the theme of the Scottish & English Discovery holiday, a nine-day fully escorted vacation priced from $1,678 from New York, Newark or Boston, via British Airways. For information, call a travel agent or (800) CIE-TOUR.
For the American Ireland Fund
“A Day at the Races,” a benefit for the American Ireland Fund, will take place at Hollywood Park, Calif., on June 14 at noon. It will feature a guaranteed $1 million pick six and the Shoemaker Breeders’ Cup Mile. A stake of $125 per person covers admission, gourmet luncheon with wine, valet parking and handicapping seminar at noon. For information, call (310) 2714386. The American Ireland Fund has raised more than $90 million to promote peaceful and constructive throughout Ireland.