The founder and chief executive of industrial holdings group, DCC, Mr Jim Flavin, has been appointed to the board of Telecom Eireann by the Minister for Public Enterprise, Mrs O'Rourke.
The appointment to the board of the former Minister for Finance, Mr MacSharry, was also confirmed yesterday.
Mr Flavin founded DCC in 1976 and was heavily involved in its flotation on the Dublin Stock Exchange. He is also a director of Fyffes and is being appointed for his experience in running a public company.
One more member of the board has to be appointed by Mrs O'Rourke and that is likely to be a newly appointed executive director - most likely a chief financial officer.
Mrs O'Rourke said yesterday the flotation of part of the company will take place in June unless the markets take a severe downturn. The new chairman of Telecom Eireann, Mr Brian Thomson, said the company had many issues to address before the flotation takes place. He said the issue of how many shares in Telecom should be floated in June was a matter for the Government.
The board of Telecom Eireann is expected to agree today on a £57,000 package for the four board members who have agreed to step down.
The departing board members are expected to receive their £5,000 annual fees for every year of service remaining of their five year contracts, although some sources speculated on a slightly higher pay-out.
On the basis of the money due for remaining service, the biggest compensation package - about £17,000 - will be for accountant Ms Marie Hurley who has three and half years to run in her contract.
Mr Maurice Doyle, former Governor of the Central Bank and Mr Gerry Wrixon, an academic from UCC, will receive a minimum of £15,000. Ms Evanne Kilmurray is expected to receive a minimum of £10,000.
