Kerry Group Assigns Executives to the New Kerry Dairy Ireland Board

The Kerry Group has officially announced the names of its three representatives who will serve on the newly established board of Kerry Dairy Ireland. The appointees are Catherine Keogh, Gavin Caplis, and Ronan Deasy. These appointments are part of a strategic joint venture agreement with Kerry Co-op.

Last month, shareholders of the Kerry Group voted overwhelmingly in favor of selling the company\'s dairy division, known as Kerry Dairy Ireland, to Kerry Co-op for a total of €500 million. The decision was mirrored by the Kerry Co-op shareholders, with 82% voting in favor during a special meeting in Killarney.

The transaction stipulates that Kerry Co-op will initially acquire a 70% stake in Kerry Dairy Ireland, amounting to €350 million. The remaining 30% will stay with Kerry Group until it is transferred to Kerry Co-op by 2035.

Catherine Keogh, who joined Kerry Group in 2016 as vice-president of strategic marketing and business planning, currently serves as the Chief Corporate Affairs Officer. Gavin Caplis has been with the company since 1999 and currently holds the position of Chief Strategy Officer. Ronan Deasy, with more than 30 years at Kerry Group, is the current Group Company Secretary.

Pat Murphy, the Chief Executive of Kerry Dairy Ireland, will also join the board. The board will be chaired by James Tangney, the current chair of Kerry Co-op. Kerry Co-op has also announced six directors who will take their seats on the board: Joe Collins, Conor Creedon, Mike O’Flynn, Eoghan McCarthy, Jim McInerney, and TJ Murphy. Two independent non-executive directors will be appointed soon.

This is a significant move for both the Kerry Group and Kerry Co-op, marking the completion of phase one of this extensive transaction.