The executive chairman of DCC, Jim Flavin, has resigned after coming under increasing pressure due to the fall-out from the insider trading case taken against the company by Fyffes.
The Supreme Court ruled last year that DCC and Mr Flavin had inside information on Fyffes when it sold its stake in the fruit and vegetable distributor for €106m in early 2000. This overturned a High Court decision which went in DCC's favour.
DCC, founded by Mr Flavin in 1976, is one of the biggest companies on the Irish stock market with interests in food, energy and healthcare.
Pressure on Mr Flavin increased after the the Irish Association of Investment Managers last week said it would not be appropriate for him to remain in his post. The IAIM represents the large institutional shareholders in stock market companies.
A statement from DCC this evening said Mr Flavin had told the board he was stepping down due to the 'continuing uncertainty' arising from the outcome of the Fyffes case.
'While I am resigning, I firmly hold the view that I have always acted honourably and in what I believe to be the best interests of the company and all its shareholders,' Mr Flavin said in a statement.
DCC's board has appointed Mr Michael Buckley as non-executive chairman with immediate effect. Tommy Breen has been appointed chief executive of DCC.
