Irish forestry company Coillte is on the hunt for a new Chief Executive, after Fergal Leamy informed the company of his decision to step down from the role.

Fergal, who also serves as Director, will leave and take on a new position in the private sector in June.

The company board will officially commence the search for a new Chief Executive in the coming weeks.

Gerry Britchfield, who is currently Chief Operations Officer and Chief Financial Officer, will assume the role of acting Chief Executive in April 2019.

Acting Chairperson of Coillte, Roisin Brennan, said: "Fergal has done an outstanding job over the past four years as Coillte has been transformed both operationally and financially under his leadership. The business is now generating significant and sustainable operating cash flows, is more customer focused and is increasing its return to the State as shareholder. On behalf of the Board and everyone at Coillte I want to thank Fergal for his exceptional leadership and for the positive impact he has had on the Group. I wish him continued success in the future. Gerry Britchfield has deep and relevant experience of the business and has played a central role in the transformation agenda, Gerry is ideally placed to take on the acting Chief Executive role."

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Fergal Leamy added: "I am very proud of what we as a team have achieved over the last few years and will leave secure in the knowledge that we are in a stronger position than ever to capitalise on the opportunities in the timber and renewable energy sectors. I want to thank the Board for the support, insight and challenge which they have provided to me and the management team over the past four years. The transformation and growth of Coillte has been driven by the motivation, commitment and dedication of our people and I want to thank the team for their hard work and support."

(CM/MH)