Martin Shanahan quits as IDA chief executive sooner than expected – The Irish Times

IDA Ireland chief executive Martin Shanahan has tendered his resignation from the agency and will begin a period of “gardening leave” from Wednesday.

Mr Shanahan had signaled in July that he intended to step down as chief executive early next year after eight years at the helm.

The agency said it had named Mary Buckley as interim chief executive, also effective Wednesday.

Ms. Buckley is currently the Executive Director of the IDA, a position she has held since 2015. She is also a member of the agency’s management team.

An international competition to fill the post of chief executive of IDA Ireland will begin immediately, the agency said.

The attractiveness of Ireland

In a recent interview with The Irish Times Inside Business podcast, Mr Shanahan said he was pleased with the progress made under his tenure while warning of the challenges Ireland still faces in trying to achieve more of investments.

Mr Shanahan also said he believed Ireland would still be able to attract significant investment despite the move – globally – to a minimum tax rate of 15% for large companies.

In its latest annual report, the agency noted that total direct employment in IDA client companies reached a record 275,384 last year. He also said multinationals supported by the agency contributed 72% of Irish export sales and 70% of corporate tax revenue in 2021.

Chairman Frank Ryan thanked Mr Shanahan for his service to IDA and Ireland, saying he had “served IDA and the country with distinction”.

“Martin has led IDA through some of the toughest challenges it has faced in its history, from economic recovery to international tax changes, the UK’s withdrawal from the European Union, a global pandemic and to more recent global geopolitical and economic challenges,” he said.

“Winning foreign direct investment is extremely competitive and Martin has been a constant economic ambassador for Ireland in boardrooms around the world during his tenure.”