Ireland's Davy Picks McKiernan to Succeed Garry as CEOJoe Brennan
Davy, Ireland’s largest securities firm, picked the head of its private clients division as chief executive officer as Tony Garry prepares to step down after 35 years at the company.
Brian McKiernan, 51, will take over in March, the Dublin-based company said in an e-mailed statement. The chartered accountant joined Davy in 1989 and became managing director of its private client unit in 2001.
Garry, 63, led a 317 million-euro ($397 million) management buyout of the firm in 2006 from Bank of Ireland Plc. The firm became the largest shareholder in the Irish Stock Exchange in April, taking a 37.5 percent stake as the 221-year-old bourse became a public limited company. The exchange was previously a firm limited by guarantee with no shareholders.
Garry joined Davy in 1979 on the firm’s fixed-income desk before taking over as CEO in 1995. Established in 1926, Davy has more than 560 employees.
Two years ago, McKiernan’s unit took over the asset management and private clients business of Bloxham, the country’s oldest stockbroker, which collapsed in May 2012. The company bought Allied Irish Banks Plc’s one-time investment management business last year from South Africa’s Prescient Holdings Ltd. in a deal valued at much as 6.2 million euros.
According to Davy, the firm accounted for more than 48 percent of all dealings in Irish equities on the Irish Stock Exchange last year.