Gaynor appointed new chair of Glanbia
GLOBAL nutrition group Glanbia has appointed Donard Gaynor, a long-serving member of its board, as chairman in a move that analysts said would bring a wealth of experience to the role.
He replaces the incumbent, Martin Keane, with effect from tomorrow. Mr Keane will remain on the board of the company until his scheduled retirement next year, a statement from the group said.
Mr Gaynor has been a director of Glanbia since 2013 and is chairperson of the remuneration committee and a member of both the audit committee and nomination and governance committee.
He has also had responsibility for workforce engagement.
In 2012, Mr Gaynor retired from his role as senior vice president of strategy and corporate development of drinks group Beam.
Given his board tenure at the Kilkenny-headquartered com
pany, he will be chairman of Glanbia until no later than the 2022 AGM, at which point he will have served on the board for nine years.
“It is a privilege to be appointed chairman of Glanbia. I look forward to working with the Glanbia team and my board colleagues on the successful delivery of strategy and value creation for our stakeholders,” Mr Gaynor said.
A fellow of Chartered Accountants Ireland and the American Institute of Certified Public Accountants, Mr Gaynor joined Beam in 2003 as senior vice president and managing director of the international division.
Prior to this, he served in a variety of senior executive leadership roles with The Seagram Spirits & Wine group in New York and was also a partner with the New York office of PricewaterhouseCoopers.
Jason Molins, analyst at Goodbody, described Mr Gaynor’s elevation to the chairmanship of Glanbia as “a very solid appointment”.
“Mr Gaynor brings a wealth of experience to the role and his knowledge of the business will be important given the challenging backdrop facing the business,” he added.
In August, Davy cut Glanbia’s earnings per share forecast by 11pc, citing route-to-market and profit headwinds in Glanbia’s Performance Nutrition (GPN) arm. Glanbia stock was little changed after the news.