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Providence names O'Reilly as new CEO

Providence names O'Reilly as new CEO

The Board of oil and gas exploration company Providence Resources has announced that Tony O'Reilly Jnr has been appointed Chief Executive with effect from September 1st.

O'Reilly is currently chief executive of Wedgwood, a division of Waterford Wedgwood.
The appointment follows approval by shareholders last week of a takeover waiver that allows O'Reilly to invest more money into the company.

The waiver exempts O'Reilly from Rule 9 of the Takeover Panel, which would have obliged him to make an offer for the outstanding shares of Providence, if he chooses to exercise 66.2 million warrants.

O'Reilly, aged 38, has worked in mergers & acquisitions at Dillon Read, the investment bank and in corporate finance at Coopers & Lybrand, advising natural resource companies, before joining ARCON as director in 1992.

He was chief executive at ARCON from 1996 to 2001 and non-executive chairman of ARCON from 2001 until earlier this year when that company merged with Lundin Mining.

He has been a director of Providence since its foundation on demerger from ARCON in 1997 and is currently its Deputy Chairman. He is a non-executive director of Lundin Mining, one of the world's biggest zinc producers.

He joined Wedgwood as deputy chief executive in 2001 and became chief executive in 2002.

Providence names O'Reilly as new CEO - Business World, live news from Ireland, plus Irish archive, lists, companies information


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