NJJ-led Telecoms Consortium Acquires Majority Stake in eir

The acquisition of a majority stake in eir by a consortium led by NJJ Telecom Europe (“NJJ”), part of NJJ Group, the private investment firm of telecoms investor and operator Xavier Niel, has now completed. A new board of directors, Chief Executive Officer and Chief Financial Officer have been announced and will work with a new senior management team.

David McRedmond, non-executive Chairman, said: “The company will benefit greatly from having such a high calibre board of directors with strong Irish roots, a deep understanding of the Irish rural and urban landscape, specific knowledge of the company and extensive telecommunications expertise. The board will work closely with the management team to ensure the future success of the company.”

Carolan Lennon, CEO, said: “I am looking forward to managing eir into the next phase of its development. I will work with a new senior management team, all of whom have been appointed from within eir and who have substantial industry knowledge and market experience. The new management team reflects the importance of talent development and embraces gender diversity, themes that are extremely important to me. I am confident that we can, together with the board, build the best fixed and mobile network in Ireland, offer the highest quality products and deliver a first-rate customer care service for the Irish people.”

Board of Directors

The composition of the new board of directors for eir’s operating company in Ireland, Eircom Holdings Ireland Limited, will be as follows:

• David McRedmond (Chairman)
• Paddy Browne
• Rose Hynes
• Richard Moat
• Pádraig Ó Ríordáin
• Fiona Tierney
• Michael Golan
• Xavier Niel
• Olivier Rosenfeld

 Chief Executive Officer

As previously announced, Carolan Lennon has been appointed Chief Executive Officer. Carolan was the Managing Director of eir’s networks and wholesale division, open eir, since October 2016. She has held various senior roles in the company, including Acting Managing Director Consumer, where she had responsibility for fixed and mobile businesses and subsequently, Chief Commercial Officer Consumer. Prior to joining eir, Carolan held a number of senior roles in the telecommunications and technology sectors, including Consumer Director and Marketing Director at Vodafone Ireland. Carolan is a Non-Executive Director of AIB Group plc and the Irish Management Institute. She sits on the Council of Patrons for Special Olympics Ireland. Carolan holds a Master of Business Administration from Trinity College, Dublin and a Bachelor of Science from University College Dublin.

Chief Financial Officer

Stephen Tighe has been appointed Chief Financial Officer. Stephen is a senior finance executive with over 15 years of business experience. He has been Finance Director for eir’s Consumer division, the largest within the Group, since October 2013 and interim Chief Commercial Officer since July 2017. Prior to assuming the Finance Director position in the Consumer division, Stephen held the positions of Finance Director in both the open eir division and Business division. Stephen is a chartered accountant (CIMA) and has also completed the Corporate Finance Programme in London Business School.

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation (EU) 596/2014 (“Market Abuse Regulation“) and is disclosed in accordance with the Issuer’s obligations under Article 17 of the Market Abuse Regulations.