Mr Donnacha Hurley, the former chief executive of TEAM Aer Lingus, has been appointed chief executive of James Crean's print and packaging division.

This division is to be demerged into a separately listed company, subject to approval of Crean's shareholders, early next year. Asked about the remuneration package, a spokesman for Crean said it will be appropriate to the position of a chief executive of a plc, which will be subject to shareholder approval, and will include share options.

This has not been quantified. The spokesman said the appointment is not conditional on approval for the demerger.

Announcing the appointment, Mr Ray McLoughlin, Crean's chairman, said the directors "strongly believe in the growth and development potential of the group's print and packaging division" and are confident the appointment will "realise this potential for the benefit of shareholders".

Mr Hurley will take up his new position next month. He spent 12 years in MF Kent & Co and in 1986 joined Sterling Drug where he was initially general manager of Sterling Drug (Ireland) and later became head of the group's manufacturing operations in Europe, the Middle East and Africa. Crean which also has food and electrical interests, announced its intention to float off its print and packaging division into a separate listed company, PPCO, in October.

Mr McLoughlin said he believed the market value of the two companies will be higher than Crean's existing market value. The hiving off was expected to have been completed before the end of the year.