Tommy Breen, chief executive of DCC – parent company to Fuel Card Services, will step down this July.
He will be replaced by Donal Murphy, who has been with Dublin-based DCC since 1998 and is currently managing director of the marketing and support services group’s energy division.
Mr Breen’s decision will formally take effect on July 14th, following the company’s annual general meeting.
In a statement, Mr Breen said he had been “extremely fortunate” to have worked for DCC for more than 30 years and thanked all of the company’s directors and employees for their support and commitment.
He added: “Given that DCC has been such an important part of my life for over 30 years, I will be sad to leave but believe now is the right time. I am very pleased to be handing over to Donal, who has been such an important part of our success since he joined the group 19 years ago.”
DCC chairman John Moloney thanked Tommy for “his exceptional leadership”.
During Tommy’s time as chief executive, the group has generated substantial returns for shareholders with a TSR (total shareholder return) of approximately 660 per cent.
Mr Moloney also spoke of his confidence in Mr Breen’s successor: “Donal has had a long and very successful career in DCC. His track record and in-depth knowledge of the group across all areas of operations will enable a seamless transition and leaves him very well placed to continue the successful development of the business.”
DCC is made up of three core businesses, focusing on energy, technology and healthcare, and employing more than 10,000 people in 14 countries.
For the year ending March 31, 2015, DCC turned over £10.6 billion with operating profits of £221 million.
The group has just announced the acquisition of Shell’s LPG business in Hong Kong and Macau for an enterprise value of HK$1.165 billion (around £120 million).
This represents DCC’s first step towards building its business outside of Europe and provides DCC with a platform to develop in Asia’s growing LPG market.
Posted on 12th April 2017
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