What started out as a normal rainy Tuesday at Glanbia HQ turned into “moving” day, before the virtual co-op AGM even started. Before milking, a plc announcement declared Sligo IT alumnus Donard Gaynor had replaced Martin Keane as plc chair. The line used in the PR was that the move was in line with its relationship with Glanbia Co-op.

Now, I didn’t know exactly what this meant, so I made a few calls. I didn’t get an answer, but, by the time milking was finished I was informed Keane was also moving on from his role as Glanbia Co-op chair but to remain on the board.

Farmers are asking me what happened. I haven’t got answers so my best judgment is it was either for personal matters or he sensed the tide of support on the board had moved against him and he decided before an adverse outcome to step aside as chair.

Keane’s communication style led to a bumpy ride at times for Glanbia management. His apology at the co-op AGM yesterday was noteworthy – it isn’t the Keane style.

The three regular thorns in his side were Glanbia Ireland base milk price, Glanbia grain price and the Glanbia plc share price. During his tenure as plc and co-op chair, share price has fallen from €16 to €9. To a certain degree, all co-op chairs have these thorns to handle. He can’t take all the blame.

High-profile spats

A few of the more high-profile spats he was involved in that spring to mind are the Ornua boardroom tussle, the sudden pullout from the Greenfield farm, and the interview he did with a Dutch magazine that talked about two-tier milk pricing. Such is life and everyone moves on.

Remember the Keane path to chair. He ousted Corbally in May 2018 and, now, just over two years later he exits stage left. It’s ironic as Keane falls on his sword that Corbally is promoted back to represent Glanbia on the Ornua board.

Keane’s replacement has not been decided as we go to press. The two vice-chairs – Pat Murphy from Kilkenny and Wexford-based John Murphy – are frontrunners. Both are well-spoken, capable and articulate contenders. Who would bet against Tipperary’s Bill Carroll or Patsy Ahern making a run? One of the first jobs for the new co-op chair will be to set grain price for 2020.

The new co-op role will be different as that person will chair the co-op only, and not the plc. This is why the move to bring Sligo-born, New Jersey-based Donard Gaynor in as plc chair is significant. It’s the first time a non-farmer assumes the plc chair role. This change was on the cards to reflect the minority shareholding farmers now have around the plc board. The chartered accountant worked for Beam, one of the top global spirits companies. We understand he helped steer Beam to buy Cooley Distilleries.

Glanbia farmers will be hoping Gaynor can steer the share price and key brands such as Optimum and Slimfast to the top shelf beside the whiskey.

Read more

Glanbia AGM reassures suppliers co-op is on right track

Keane to step down as Glanbia Co-op chair

Glanbia PLC appoints new chair