GPA assistant chief executive and finance director Mr John Tierney is leaving the company in September. Mr Tierney said he planned to "move on to fresh challenges".

He would take some time to reflect on his future, he said yesterday. He would like to work with Irish companies in financial distress and at board level in companies where he could use his business experience to "add value".

A chartered accountant, Mr Tierney (51) has been with GPA for 16 years, joining in March 1981 as vice president finance. He became a director in February 1992.

After the successful $4 billion (£2.6 billion) securitised bond offering in March 1996, which allowed the company to repay its debts, Mr Tierney told the board that he was interested in moving on.

GPA chairman, Mr Dennis Stevenson, described Mr Tierney's contribution to the financial rehabilitation of GPA as enormous.

Mr Stevenson said: "We understand John's desire to employ his talents in other areas after many years dedicated service."

Mr Tierney said GPA was now in a strong financial position. The board and management "have shown great skill and courage in resolving the many problems posed by the difficult environment in our industry over the last few years", he said.

GPA had revolutionised the financing of commercial jet aircraft through its development of new financing techniques, he said.

Mr Tierney is a director of America West Holding Corporation and America West Airlines, the ninth largest US airline.