The man who helped build one of Ireland's few homegrown multinationals is retiring
Tommy Breen has been the head of FTSE 100-listed DCC for nearly a decade.
DCC, ONE OF the largest companies to emerge from Ireland, has announced that its long-standing CEO Tommy Breen is set to retire.
Breen was with DCC for more than 30 years and became its chief executive in May 2008.
The company said that Breen “will stand down from his position and from the board following the conclusion of DCC’s annual general meeting on 14 July 2017″.
He will be succeeded by Donal Murphy, the managing director of DCC Energy – the company’s largest diversion.
Dublin-headquartered DCC is a conglomerate that is involved in a range of industries, from technology to healthcare and energy.
Breen’s retirement will end what was a successful period as CEO that saw DCC grow to become one of Ireland’s biggest companies.
Started by Jim Flavin in 1976, the firm now employs over 10,000 people worldwide and had revenues of £10.6 billion (€12.4 billion) in 2016. Its market value currently stands at around £6.3 billion (€7.4 billion).
FTSE 100
DCC was listed on the Dublin stock exchange for much of its existence, however in 2013 it cancelled its Irish listing to qualify for the FTSE 250 index, which requires that most of a company’s shares are traded in London.
The board hoped that the move would broaden its shareholder base and increase brokers’ coverage.
The company has grown strongly since then, and is now one of only a handful of Irish-based companies, alongside the likes of building materials outfit CRH, packing firm Smurfit Kappa and betting giant Paddy Power Betfair, listed as part of the prestigious FTSE 100 exchange.
From Downpatrick in County Down, Breen was educated at Queen’s University in Belfast before starting his career working for KPMG as an accountant.
Tommy Breen
In 1985 he joined DCC at the age of 26, rising up to manage the company’s group’s IT distribution division by 1996.
He then headed up DCC’s lucrative energy division before taking up the role of chief executive in 2008.
This followed the commencement of a long and messy court battle with fruit giant Fyffes regarding an insider-trading case than involved the then-DCC boss Jim Flavin.
Flavin stepped down when a High Court inspector was appointed to the company and Breen took up the role of CEO.
‘Sad to leave’
DCC is one of Ireland’s most financially successful companies. It reported an operating profit of over £300 million in its 2016 financial year as the business grew at its fastest pace for two decades.
The firm expanded mainly through a strategy of bolt-on acquistions, many of which were overseen by Breen. For example, in 2015 DCC bought French liquefied petroleum gas business Butagaz in a £319 million deal.
In a statement today, Breen said he has been “extremely fortunate” to have worked for DCC for more than 30 years.
“I would like to recognise and thank all of our directors and employees, past and present, for their support and commitment during my time with the group and most particularly during my tenure as chief executive,” he said.
“Given that DCC has been such an important part of my life for over 30 years, I will be sad to leave, but I believe now is the right time.”
DCC also announced today that has agreed to sell its environmental division to Exponent, a private equity firm, in a deal worth £219 million.
