Richard Hooper – doyen of Irish corporate finance combined keen intellect and emotional intelligence

Richard Hooper was born in Dublin on August 7th, 1936, at a time when most of the world was marked by economic depression. It is ironic that the man who is widely regarded as the doyen of Irish corporate finance, was brought up in such difficult times. With his keen intellect, wisdom, combined with emotional intelligence, attention to detail and loads of energy, he was well suited to the demands of working in the finance and banking sector. Unpredictable yet grounded, whether as a businessman, or indeed, as an accomplished yachtsman, he was “formidable, feisty and quick-witted both on and off the water”, as one of his sailing friends remembered him.

Richard grew up as the eldest of seven children in Donnybrook, Dublin. His father Larry, an economist with Bank of Ireland, drawing on the gospels, instilled a strong guiding principle in his children, “Do unto others as you would have them do unto you”.

His early education was at Catholic University School, Leeson Street. In 1954, he went on to UCD to study engineering, obtaining a first-class honours degree (which in those days was a very rare accomplishment). In 1956, Richard met the “love of his life”, Kathleen, a daughter of the highly respected Derry lawyer Patrick Macwell. Richard and Kathleen married in 1960 and had four daughters (whom he fondly described as “his girls”) and the couple celebrated their 60th wedding anniversary in February 2020.

After college, Richard worked in the ESB and Unidare, but the launch pad for his stellar career in corporate finance, was his move to Investment Bank of Ireland (IBI) in 1966. In the same year, Richard completed the prestigious MBA at UCD. He soon became managing director of IBI, and most Irish public companies were keen to retain his services as his reputation grew rapidly.

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There was one transaction, in particular, which dominated headlines in the 1980s, the “David and Goliath” £200 million takeover bid for Irish Distillers by Grand Met plc (now Diageo) in May 1988. Grand Met had a huge asset base with vast cash resources which dwarfed Distillers’ relatively weak share valuation. Against the odds, Richard masterminded a robust defence strategy by introducing Pernod Ricard as a “white knight”, thereby ending one of the most contentious sagas in Irish corporate history in January 1989, when Grand Met were forced to sell their 29.9 per cent stake to Pernod for £85 million.

Richard retired from IBI in 1993 and in the same year, received a “Business Alumnus of the Year” award from UCD. He continued to have successful involvement with top companies, including in his capacity as chairman of Jurys plc, National Toll Roads and Glencar, and directorships of Green Property and Irish Life & Permanent. The Government informally asked a friend of Richard’s to review the overseas aid to Mozambique, and together they visited Mozambique and reported back with Richard’s usual efficiency, attention to detail and rigour.

Richard had an impressive knowledge of a wide range of subjects. including literature, art, gardening, genealogy, history and sailing, not to mention his passion for food and wine. He had an encyclopedic knowledge of Ulysses. On Bloomsday he could be seen, wearing white gloves, reading from his original 1922 edition.

He was passionate about his sailing, winning many championships while enjoying numerous cruises around Ireland, France, Britain, Spain (especially Galicia which he loved), Portugal, and Croatia. He also served as commodore of both the Royal St George Yacht Club (RSGYC) in Dun Laoghaire and Dublin Bay Sailing Club where he successfully applied, to both roles, his impressive business acumen and commitment to excellence. For example, he oversaw the substantial development and expansion of the RSGYC, making it the largest yacht club in Ireland and a legacy for generations to come.

Richard also loved to travel overseas and made numerous visits with family and friends to Cape Town. On one occasion, he explored neighbouring Namibia and the Kalahari Desert, piecing together a history and evolution of the local tribes during his travels. The early colonist tribulations meted out to the Namibian San people was a source of pain to Richard.

Richard passed away peacefully on May 20th, 2023. He is warmly remembered by all those who knew him and certainly is a difficult, if not impossible, act to follow. But above all, his family were paramount, and he was devoted to them throughout his life.

He is survived by his wife Kathleen, who was a pillar of strength especially during his final two years, his adoring daughters, Maeve, Derval, Ashling and Orla, his much-loved grandchildren, Philip, Alex, Finn and Charlie, his brother and sisters, extended family and friends.