Martin Shanahan, the outgoing CEO of IDA Ireland, is set to join consulting firm as partner following a period of gardening leave.
Shanahan on Tuesday tendered his resignation to the agency responsible for attracting foreign direct investment to Ireland, which he has led for eight years. He had announced his intention to step down after eight years in the role in July.
Shanahan is expected to join Grant Thornton in early 2023, and he will head up industry and FDI activities as the company pursues ambitious growth plans in Ireland and internationally.
Michael McAteer, managing partner of Grant Thornton Ireland, said Shanahan is "a highly experienced, senior leader who brings huge value to Grant Thornton" after leading IDA Ireland and Forfás, the former government enterprise advisory board.
"He has led two government agencies at CEO level and has been integrally involved in both the development and execution of industrial policy for Ireland," he continued. "Martin also has significant international experience, operating at the most senior levels of business.
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"His career path to date demonstrates his versatility and proven delivery as a leader, and also shows why his skills, capabilities and experience are a strong and complementary fit for Grant Thornton as Head of Industry and FDI, and our vision to transform professional services.
"This appointment is a clear statement of our intent to go beyond and strive to provide the best possible advice to our clients.”
Commenting on his appointment, Shanahan said Grant Thornton is a "dynamic, inclusive and client-focused professional services firm with global reach, and I am excited to take on this opportunity to help drive its ambitious growth and expansion plans.
"The scale, breadth and depth of Grant Thornton’s operations in Ireland and abroad are hugely impressive and a real success story.
"I look forward to being part of this entrepreneurial team, to help realise Grant Thornton’s ambition to be the international advisor of choice for FDI and the first port of call for companies coming to and operating in Ireland.
Professional Services are changing, and I look forward to working with colleagues across the firm to ensure that Grant Thornton leads that change and leverages its immense capability for the benefit of our clients.”
Mary Buckley, the current executive director of IDA Ireland, has been appointed interim CEO while the agency completes an international search for Shanahan's successor.
Speaking on Tuesday, IDA chairman Frank Ryan thanked Shanahan for his service and credited him for steering the agency through Brexit, changes to the international tax landscape, the pandemic and recent geopolitical and economic challenges.
Shanahan's annual remuneration was €193,500, and IDA Ireland received €200m in taxpayer funding in 2021, plus €3m from the National Training Fund.
The agency disbursed €98.5m to multinationals with operations in Ireland and spent €49m on industrial property.
Agency overheads increased €10m year-on-year to €63m, with the staff salary cost excluding employer's PRSI amounting to €27.3m. The average salary for 328 IDA staff through 2021 was €83,200.
Grant Thornton currently employs 2,500 people in seven locations on the island of Ireland, the Isle of Man, Gibraltar and Bermuda.
Photo: Martin Shanahan. (Pic: Sam Boal/RollingNews.ie/Pool)
