LONDON (ShareCast) - (Sharecast News) - Greencoat Renewables named Bernard Byrne as chair designate on Thursday, with the former Davy and AIB chief executive set to succeed Rónán Murphy when he retires at the company's annual general meeting on 7 May.
Murphy, who had chaired the AIM-traded renewables investor since its 2017 IPO, would step down after nine years on the board.

Byrne joined Greencoat Renewables as a non-executive director in May this year, and chairs its management engagement committee.

His appointment followed a selection process led by the nomination committee.

The board said Byrne was bringing extensive financial and corporate leadership experience to the role, having previously headed wealth manager Davy and AIB Group, where he led the bank's 2017 flotation.

He also held senior roles at ESB, IWP International and ESB International, and currently chairs Cairn Homes.

Murphy said the company had grown into "one of Europe's leading renewable energy infrastructure companies" during his tenure.

"It has been an honour to serve as chair of Greencoat Renewables since the company's IPO in 2017," he said.

"As we go through a transition period, I want to thank my fellow directors and our investment manager, Schroders Greencoat, for their support and wish them every success as they continue to play a leading role in enabling energy transition.

"I am also delighted that Bernard will become my successor ... I am confident he will provide decisive leadership as Greencoat continues to grow and deliver value for shareholders, notwithstanding the current challenging marketplace."

Byrne said he was looking forward to steering the business through its next phase.

"It is a privilege to be appointed chair of Greencoat Renewables," he said.

"Together with what is a proven and experienced team at Greencoat, I am confident in our ability to continue to capitalise on the opportunity to support the greening of Europe's power generation and deliver value for shareholders."

He also thanked Murphy "for his exceptional leadership over the past nine years".

At 1515 GMT, shares in Greencoat Renewables were down 0.82% at 0.72p.

Reporting by Josh White for Sharecast.com.

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