AER LINGUS yesterday surprised the airline industry by appointing Ryanair executive Sean Coyle as its new chief financial officer. Mr Coyle has left Ryanair with immediate effect and will take up his new post on August 11th.
The recruitment is seen as a coup for Aer Lingus and is thought to be the first time a senior Ryanair employee has defected to the former State-owned airline.
Mr Coyle was director of scheduled revenue at Ryanair, overseeing route selection and profitability, network strategy and capacity allocation.
He joined Ryanair in 1998, serving initially as a personal assistant to Michael O'Leary.
Mr Coyle was subsequently head of investor relations, and commercial director. He qualified as a chartered accountant with KPMG in 1997.
Analysts welcomed Mr Coyle's recruitment and said he would bring a strong focus on costs to Aer Lingus.
"He'll bring an awful lot to the party in terms of his commercial experience," said John Mattimoe, aviation analyst with stockbroker Merrion Capital.
Mr Coyle, who is 35, will join Aer Lingus's board of directors, an opportunity that was not likely to present itself at Ryanair in the short term.
He replaces Greg O'Sullivan as the airline's finance chief. Mr O'Sullivan recently took up the role of company secretary at Aer Lingus.
Mr Coyle joins the airline at a time of huge volatility, with oil trading above $140 a barrel. Aer Lingus recently said it was unlikely to make any profit in the current year due to the high price of oil.
Commenting on the appointment, Aer Lingus chairman John Sharman said: "Sean has proven experience and will significantly strengthen our management team."
It is understood that Mr Coyle resigned yesterday morning and left Ryanair immediately. Mr O'Leary is believed to have addressed Ryanair staff about Mr Coyle's decision, wishing him well and praising his contribution.
In a statement, Mr O'Leary said: "We wish Sean Coyle every success in his new role. We are pleased to see Aer Lingus recruit some decent management and hope that Sean will introduce some of the changes we have been calling for in Aer Lingus."
