Arnotts appoints new executive

Arnotts has appointed a new chief operating officer, with former chief finance officer of Brown Thomas Ray Hernan stepping into the role.

Prior to his appointment, Mr Hernan was director of finance overseeing both Selfridges and Brown Thomas department store chains in the UK and Ireland, respectively. Originally from Galway, he has also held the role of director of finance at Ryanair.

Arnotts chairman Mark Schwartz welcomed Mr Hernan's appointment.

"Ray has extensive experience of the retail sector and an in-depth knowledge of the Irish retail market," he said. "We look forward to having Ray Hernan on board for the journey ahead as we work together with employees and our vendor and concession partners to grow and develop Arnotts."

Earlier this month, Anglo Irish Bank and Ulster Bank were cleared by the European Commission to take joint ownership of Arnotts as part of a major debt restructuring deal.

The banks appointed three new directors to the department store's board, including chief executive of US asset management company Palladin Capital Group Mark Schwartz, who replaced barrister Richard Nesbitt, Tobias Nanda, also of Palladin, and Stephen Haughey, a former chairman of AL Goodbody Solicitors.

Shortly after taking over his new role, Mr Schwartz promised a full review of senior executive management at Arnotts.