Minister for Energy Eamon Ryan, announced yesterday that the Government has appointed industrialist Lochlan Quinn to succeed Tadhg O'Donoghue as chairman of the State-owned electricity company. The Minister recommended Mr Quinn's appointment to the Cabinet, which subsequently gave it the go ahead.
The former AIB chairman will take up the job when Mr O'Donoghue steps down on January 22nd, 2008, and will hold the position for five years, as opposed to the normal seven-year term served by State company chairmen.
Mr Quinn is taking the job at a time when the ESB is facing potential turmoil. Its workers recently voted to strike in protest at Government plans to split the company's power generating and transmission arms.
The ESB's board also told the Government earlier this year that it is concerned at the proposal's impact on the company. Sources said yesterday that Mr Quinn is likely to have a different style to Mr O'Donoghue. Mr Quinn is thought to support the plan, which the Government says will promote competition and private investment in the power industry.
He will also oversee the closure of several old ESB plants and the disposal of the sites to the State company's competitors. In return, the ESB is being allowed to build a new power station in Cork. These changes are also designed to boost competition.
Mr Quinn chaired AIB from 1997 to 2003, and led it through the scandal sparked by currency dealer John Rusnak at its US subsidiary, Allfirst.
He was deputy chairman of Glen Dimplex, the Irish-based multinational electrical goods manufacturer.
Three years ago, he sold his 26 per cent stake in the group to its founder, Martin Naughton, for €200 million.
