Philip Lynch

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For the Australian politician, see Phillip Lynch.

Philip Lynch (born 1946) is an Irish businessman who has held the position of chief executive at two Irish public limited companies and multiple senior directorships including chairman of the board of An Post. In October 2010, he was forced by the then Irish minister for health, Mary Harney, to resign his position as chairman of the National Paediatric Hospital Development Board over his desire to relocate the new Irish children's hospital from Dublin city centre to a site near the M50 motorway.[1]

Background and education[]

Lynch was born at Innishannon, County Cork. He was educated at Hamilton High School, County Cork, Copsewood College in County Limerick and studied accountancy and economics at Waterford Regional Technical College.[2]

Business career[]

Former chief executive of IAWS Former non executive director ARYZTA AG Former non executive director A.Hiestand Holding AG chief executive officer and Executive Director One51 plc Director Irish Pride Bakeries Ltd. 1996–Present Independent non-executive director, Member of Nomination Committee and Member of Remuneration Committee FBD Holdings plc 2001–Present non executive director, Member of Nominations Committee and Member of Remuneration Committee Heiton Group plc 2003–2005 Former non-executive director and Director of Irish Food Marketing Irish Life & Permanent Group Holdings plc 2004–Present non-executive director, Chairman of Sub-Committee, Chairman of Remuneration Committee and Member of Nomination Committee C&C Group plc[3]

Children's hospital controversy[]

In 2007, he was appointed[4] by Minister for Health, Mary Harney as chairman of the National Paediatric Hospital Development Board. This was to be a €650m project to build a new national children's hospital adjacent to the Mater Misericordiae University Hospital in Dublin city centre. The new hospital would amalgamate the secondary and tertiary care functions of three existing children's hospitals in Dublin: Our Lady's Children's Hospital, Crumlin; Temple Street Children's University Hospital; and the National Children's Hospital at Tallaght Hospital.

In 2010, Lynch met the Crumlin Hospital Foundation to discuss the possibility of relocating the new hospital to the Crumlin Hospital site. He also met with property developer Noel Smyth to discuss relocating the hospital to a site outside the M50 owned by Smyth. When Lynch sought to present to the board a proposal to build the new hospital on Smyth's land, he was obliged to resign his position by Mary Harney. He was replaced as chairman by businessman John Gallagher.[5]

In March 2011, after a new health minister was appointed following a general election, Lynch went on radio to make the case that the a city centre location for the new hospital would be inaccessible and have parking difficulties. He said that the 'people who designed the M50, when that was agreed on, everything was going to happen outside of that' and described the city centre as a 'cul-de-sac'.[6] He described the decision to locate the hospital in the city centre as 'political'.[7]

One51 shareholder revolt[]

In 2010, Philip Lynch was paid €1.4m including bonus as chief executive of One51 plc. A shareholder revolt ensued at the company's AGM in July. Rebel shareholders led by Gerry Killen, Alf Smiddy, Mike Soden and Peter Brennan, criticised Lynch's remuneration in a year in which the company reported a loss of €11m and challenged his reappointment.[8] Lynch survived the revolt.

Court case over bank loan[]

In March 2011, a court hearing was held in relation to an unpaid loan for €25m owed to AIB by Lynch, his wife and four children. The loan was secured on land in Waterford. In his defence, Lynch says that the loan was made on a non-recourse basis.[9] On 8 December 2011 the Irish Courts found in favour of AIB.

One 51 Dismissal[]

On 1 July 2011 Lynch was apparently dismissed from One51. A dramatic drop in share price, shareholder discontent with his remuneration package and a Revenue investigation into the routing of patent royalties into a bonus scheme which was paid directly to himself and other individuals were believed to have contributed to Mr. Lynch's dismissal.

References[]

  1. ^ "Thu, Oct 14, 2010 – Developer met children's hospital chief on site move". The Irish Times. 10 October 2010. Retrieved 22 December 2012.
  2. ^ "Esoc – University College Cork Entrepreneurship Society". Ucc.ie. Retrieved 22 December 2012.
  3. ^ Philip Lynch. "Philip Lynch: Executive Profile & Biography – Businessweek". Investing.businessweek.com. Retrieved 22 December 2012.
  4. ^ "Minister appoints Chairman-Designate of the National Paediatric Hospital Development Board". Dohc.ie. 8 March 2007. Archived from the original on 17 March 2012. Retrieved 22 December 2012.
  5. ^ "Minister for Health and Children announces resignation of Chairman of the National Paediatric Hospital Development Board". Dohc.ie. 7 October 2010. Archived from the original on 17 March 2012. Retrieved 22 December 2012.
  6. ^ "RTÉ.ie Radio 1: Morning Ireland Media Player". RTÉ.ie. Archived from the original on 3 November 2012. Retrieved 22 December 2012.
  7. ^ Children's hospital site 'a political decision' Irish Times
  8. ^ Hero Worship. "One51 chief sees off bid by rebel investors to gain seats on board – Irish, Business". Independent.ie. Retrieved 22 December 2012.
  9. ^ Alex Ferguson. "Philip Lynch 'wowed' by prospect of €19m profit – Irish, Business". Independent.ie. Retrieved 22 December 2012.
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