DCC is announcing today that Tommy Breen, who became Chief Executive in May 2008, has decided to retire from the Group after over 30 years of service. He will stand down from his position and from the Board following the conclusion of DCC’s Annual General Meeting on 14 July 2017. Tommy will be succeeded by Donal Murphy, Executive Director and Managing Director of DCC Energy, DCC’s largest division.
Donal Murphy joined DCC in 1998 and has held senior leadership roles across the Group. Prior to his current role he was the Managing Director of DCC Technology and assumed his current role as Managing Director of DCC Energy in 2006. He has led the growth of the Energy division and its transition from a small UK and Irish business to a substantial international business operating in ten countries. He joined the DCC Board in 2008.
John Moloney, Chairman of DCC plc, said today:
“I would like to thank Tommy for his exceptional leadership as Chief Executive and his dedication and commitment to DCC since he joined the Group over 30 years ago. Under Tommy’s stewardship the Group has gone from strength to strength, with sustained growth in the Group’s operations, operating profit, cash flow and dividend, and the development of market leading positions in its Energy, Healthcare and Technology divisions. This has been done whilst all the time maintaining the focus on returns which has been a hallmark of DCC since its foundation. During Tommy’s tenure as Chief Executive, DCC has generated very substantial returns for shareholders with a TSR of approximately 660%. He leaves DCC in excellent shape and on behalf of the Board I would like to wish Tommy and his family every success in the future.
The comprehensive process to identify Tommy’s successor was led by the Nomination and Governance Committee, with the assistance of an executive search firm. Following this process, the Committee made a unanimous recommendation to the Board that Donal be appointed as DCC’s next Chief Executive. Donal has had a long and very successful career in DCC. His track record and in-depth knowledge of the Group across all areas of operations will enable a seamless transition and leaves him very well placed to continue the successful development of the business.”