Liam O'Mahony, took over the helm of CRH, Ireland's largest publicly quoted industrial company, with a value of #7.4 billion and employing 37,000 worldwide, just 84 days ago. Yet he is unequivocal about where the company is going. "We aim to double the company every five to seven years," he says.

"We want to buy value for the shareholders", noting that CRH had walked away from "lovely companies" because they would not have given an adequate return.

CRH's success has been based on core growth, a contribution from add-ons and small acquisitions. Large acquisitions have been the exception, although it recently added a number of well-known groups such as Ibstock, a British publicly-quoted brick manufacturer, to its stable.

Asked about further big deals he says "we will be looking at them, there is a lot of consolidation [in the industry] . . .if we see value we wouldn't be afraid of doing them". He notes there were three major deals last year and this year there was the acquisition of Shelly Company, for $362 million (#370 million).

"I suspect we will build on that". However, he is quick to stress it "has to be quality growth and make strategic sense", adding "we are not going to change our spots".

There has to be "a balance between performance and growth" and he stresses the word performance. Mr O'Mahony says very few companies get the balance right and points to a number of companies that just opted for growth, to their cost. This was one of the points he made during the interviews for the top CRH post.

All the executive directors were interviewed but Mr O'Mahony who spent much of his time in the US, the fastest growing area, was the favourite against contenders such as finance director Mr Harry Sheridan (56), head of the European materials division, Mr Brian Griffin (57), and head of the European products and distribution division, Mr Brian Hill (55).

Mr O'Mahony succeeded Mr Don Godson who had spearheaded CRH's expansion in the US until he took over as CRH chief executive in 1994. The appointment of Mr O'Mahony who had been chief executive of Oldcastle Inc, the holding company for CRH's North American operations, was a natural choice. It was also in keeping with CRH's tradition to groom managers from within the group, thereby maintaining a team spirit.

This team spirit is ingrained in Mr O'Mahony. CRH's success can be directly attributed to its superior management. "We operated on a very decentralised basis long before it became a buzzword. That means giving people a lot of responsibility. It also means giving people huge authority with people having strong management down the line. In that way people are motivated."

Being part of CRH is indeed part of its attractive culture, as senior people rarely leave the group. And it starts from a young stage as Mr O'Mahony says "it is important to ensure that we continue to have good people coming into the organisation". But openness is an essential requirement. "I get very nervous" when people keep things to themselves, he says. There cannot be internal politics, he adds, "openness is all about a team play, and the captain leads the team".

Asked about any great fears, he says: "Oh, I don't have what you would call a major fear, I think our biggest challenge is to maintain the unique culture and spirit which I think is truly unique to CRH, to be able to attract good family companies, at a fair price, a seamless transaction, to be able to do those kind of deals. . . to attract good people. . . that's our challenge. . . and that's what we are about at the end of the day."

Mr Mahony is clearly dedicated to the CRH ideals. He is also very much Mr corporate CRH. "This year I will be 29 years with the group, starting in a junior position, I would have been part of the team, of seasoned people." Asked about changed policies, he says: "I would see a continuation of policies evolved over the past 30 years and I think inevitably I will see some changes of emphasis but not a revolution. I like to see CRH as in a state of evolution, strong evolution."

CRH does not yet give a breakdown of individual executive salaries. But they are among the best paid Irish managers. The last published annual report (1998) showed the five executive directors increased their basic salaries by 17 per cent to an average of #407,351 (£321,000).

CRH's executive directors retire at 60 so what will the company be like when he retires? "We are currently possibly number three in the industry we work in." And he reckons the group's size could double in five to seven years.

He points to the particular emphasis on North America in the past five years from $700 million sales to $4 billion, and in the process, the percentage of sales coming from that area has risen from 25 per cent to 55 per cent. "I think in the long term we would aim to keep a broad geographical balance; 45 per cent North America, 45 per cent in the developed world (excluding US) and 10 per cent in the developing world," adding "I don't think there is any magic formula". Asked about the poor share performance, he expresses disappointment "in the sense that I wish it were higher but we live in strange times; it is up to us to run the company well and communicate."

He says there were two factors to be considered. First, "we have performed better than our international peer groups". Second, "the move by institutions into technology stocks. I think long-term there will be a demand for our products, we will be around when a lot of these companies have not only gone out of fashion but also out of business."

But what about the morale in the company following the Ansbacher controversy? The "publicity has not been helpful, but the task of the management is to ensure that management is focused on doing its job and I think internally there is still a tremendous sense of purpose and, in reality, we are rated [by analysts] in the industry as the best company in the world in our industry.

"In North America, for example, we have companies which look to us as the company they want to join, the first they want to talk to is Oldcastle. They want to sell to us because of our reputation, how we deal with management, and our ambition to go forward".

He says it "was a bit of an eye opener for me to see some of the evidence. Whether it was legal or illegal it should not have been carried out in our offices. The chairman [the late Des Traynor] had an office of convenience in our registered office used for all these dastardly deeds."

Mr O'Mahony says some people suggested that CRH executives must have turned a blind eye. However, he retorts that "it [the registered office] is eight miles from the head office. There is no reason for the executives here [Belgard Castle, the headquarters] to question him.

"He was the most senior person in the company. We deplore it. That activity should not have been carried out in our office."

He says the the Moriarty tribunal and the High Court inspectors investigating the Ansbacher deposits "will decide what actually happened and I cannot comment because the whole thing is sub judice. But I would be appalled that Des Traynor's sidekicks had a key to our offices. Had we known about it then it would have been stopped."

But what about the evidence heard by the High Court last year that eight of the board's 15 directors in 1989 are believed to have had links to the secretive Ansbacher deposits? The eight are part of an Ansbacher list of more than 100 people, he says. "A number of people have put out statements and individuals are entitled to due process. I wouldn't want to say anything to prejudice the hearings.

"Quite obviously it would be very difficult for us to query the individuals because there are formal tribunals set up. It is clear to me from anything I have looked at internally that there was no discussion or awareness at CRH board level, of the activities that Mr Traynor was involved with at the time. There was no conspiracy by the board, to collaborate with him, or condone, in any shape or form."

What about the possibility of CRH being taken over? "We are on everybody's radar screens now," he says, but adds that as far as he knew there had not been any approach over the past 10 years.

He then poses the question "how do we deter an approach" and quickly responds "obviously by growing faster, performing better, and as long as we deliver the goods for the shareholders we should be acquirers" rather than being acquired.