The EY Podcast

In this episode of The EY CEO Outlook podcast series, Averil Power of the Irish Cancer Society tells host Richard Curran about her unconventional childhood, her love of business and law, and the successful career she enjoyed in politics; and how they all came together to make her a highly driven and impactful leader in the non-profit sector.  


“A huge privilege that I’m so grateful to have”. 

Despite many years working in the world of politics, Averil Power always seemed destined for leadership in the charity sector. As a student, she was one of the few people in a class of 150 to specialise in non-profit management in her business degree, seeking to understand how corporate strategy could help her to advance social change.  

Averil joined the Irish Cancer Society as CEO during a difficult time – fundraising income was falling, services were being cut, and staff morale was low. And the immense challenges presented by Covid were yet to come. However, by going back to basics, motivating people behind a shared purpose, and clearly showing the team and doners the impact they were having on cancer patients and their families, things have dramatically turned around for the organisation. Fundraising is increasing, morale is up, and the ICS was recently ranked as one of the best employers in Ireland.  
 

Richard and Averil also discuss: 

·        What the charity sector can learn from the corporate world – and vice versa. 

·        Why gender diversity in business is not just the right thing to do, but makes for better business. 

·        Averil’s determination to be open about her background and sexuality, so that people understand that their differences will not hold them back. 

·        The importance of purpose – knowing your ‘why’. 

·        The highs and lows of a career in politics. 

In the world of social media, what is being said about your business can make or break you. How you access these insights in a timely manner makes all the difference. In 2009, when Twitter was still relatively unknown and Instagram was not yet born, Stephen O’Leary spotted an opportunity and started to build a company to do just that – give businesses an ear to the ground on social media.

“With no savings, no plan, no experience in running a business, I decided the need exists, there is a gap, I’m going to give this a go” 

And so Olytico was born – an online news media and social media monitoring and analysis company that aims to help people make better informed decisions. After a slow and difficult start, the company started to scale incredibly quickly in line with the popularity of social networks like Twitter, Facebook, Instagram, and the many others that have launched in the last decade.  

In this episode of The EY CEO Outlook Podcast series, Stephen O’Leary tells host Richard Curran how he transitioned from journalism, software sales and business development, to eventually founding his own company, Olytico. They also discuss: 

·        What Elon Musk’s move to buy Twitter means for the company and its users.  

·        Forthcoming regulation of social media companies and how it might change them 

·        What he learned about the kind of salesperson he was, and why that led him to him start his own company.  

·        The future of anonymity and content moderation on social media platforms 

·        Becoming the youngest ever president of Dublin Chamber of Commerce in 2023 

In this episode of The EY CEO Outlook series, EPS Global CEO Colin Lynch tells host Richard Curran the story of scaling internationally without external equity, making personal sacrifices to keep EPS Global afloat, and his plans to grow the company three-fold by 2025.

For a company like EPS Global, it is a remarkably busy time to be in business. Founded in Ireland in 1999, EPS Global is a distributor of specialised IT components and semiconductors used in high-growth areas including data storage, cloud and the Internet of Things (IoT). Today, the company has annual sales of €100m, locations across 23 countries, and a plan to scale even further on the back of unprecedented demand for its services.

Driving that growth is co-founder and CEO, Colin Lynch. An electrical engineer by training, Lynch spent 20-years as the company’s Business Development Director, expanding its global reach as far as China and building highly successful relationships with major brands including Alibaba, Google, and Bosch. Today, as CEO, he has a vision for further growth through external equity, M&A, and a possible IPO. They also discuss:

• Taking over the role of CEO after 20 years as Business Development Director – how he approached the new role and his priorities for the business
• Global shortages of electrical components during a time of great demand, and the opportunities therein
• The future of business travel and client relations in a post-Covid business world
• Creating a company culture based on trust
• His experience in the EY Entrepreneur of the Year programme.

In this episode of the EY CEO Outlook series, Mark Rose Burke joins host Richard Curran to share her vision for Dublin city, her views on how to most effectively drive forward the changes required, and the top priorities and challenges facing business leaders in 2021 and 2022.

There has been a lot of debate in recent years about the role that large cities will play in the how we work, live and play, particularly in a post-Covid landscape. As CEO of Dublin’s largest and most influential business group, representing over 1,300 companies, Mary Rose Burke has a very clear vision for how Ireland’s capital city should develop in order to make it a place where businesses and residents can thrive, and visitors enjoy spending time.  

Originally from Co. Galway, Mary Rose joined Dublin Chamber as CEO in 2016 and has led the organisation throughout a period of great change for business and for large cities alike.  They also discuss: 

·         Mary Rose’s experience and belief  in policy as a driver for real change 

·         The fundamentals that make a city successful, and Dublin’s unique selling points. 

·         The huge potential for growth within Dublin’s canal cordon. 

·         Achieving the right balance of regional and Dublin-focussed development.  

·         Mary Rose’s leadership approach – “The measure of a good parish priest is how many bishops he creates”.  

Economic Eye host Richard Curran talks to EY Ireland Chief Economist, Neil Gibson, about current key economic indicators and the impact they are having on business across the entire country. In this episode, Neil outlines the findings of the Economic Eye Winter 2021 Forecast: ‘How people, prices, and planet will shape the all-island forecast’

Topics include:

· Why the all-Ireland economy is in far better health than expected as 2021 draws to a close

· The growing need for more specific, targeted supports for those hardest hit in the pandemic

· Inflation - the factors driving low inflation in recent years and why this is changing

· Will interest rates hold steady or start to rise sooner rather than expected?

· Why ‘purposeful growth’ has become the goal for policymakers, citizens, and business leaders alike.

· How to balance financial growth and sustainability

When Francesca McDonagh joined Bank of Ireland as CEO in 2017, it was with a “mandate for change”. 

It was the only Irish bank to have repaid the taxpayer for its support during the financial crisis, and now there were new priorities. Francesca was tasked with widespread reform of BOI’s culture, systems, and business model. The opportunity, not just to transform Bank of Ireland but also to help change the banking sector in Ireland, is one that McDonagh not only relishes, but views as “a duty”. 

Implementing widespread transformation has involved some tough decisions. However, one thing that McDonagh intends to maintain and evolve is the “personal touch” when it comes to customer relationships, particularly during their journey through the bigger decisions in life such as buying a home a car, or planning for retirement. 

Richard and Francesca also discuss: 

·         Bank of Ireland’s massive pivot to digital, the closure of branches and the future of day to day banking

·         Francesca’s views on the residential property market and the mortgage system in Ireland

·         The future of banking and competing with the new specialist providers entering the Irish market

·         Why the normalisation of the State and Sector relationship is important as Irish banks increasingly compete for talent across Europe

·          Francesca’s family background and personal views on hard work, resilience, and the benefits of diversity. 

In this episode of the EY CFO Outlook podcast series, Group CFO for Open Orphan, Leo Toole tells host Vincent Wall about how a highly specialised approach to clinical trials is proving very successful for a young Irish company. He also describes how he is helping Open Orphan to “control [its] own destiny…by driving sustainable performance, profit, and cashflow”. 

Open Orphan is a Clinical Research Organisation (CRO) with a difference. While most CROs recruit people who are already infected with a disease for their trials, Open Orphan takes healthy patients, gives them the infection, and then runs the trial. This model, according to the company’s CFO Leo Toole, allows them “to get better data sooner, better drugs sooner, [and therefore] better outcomes sooner for patients”.  

As a result, the clinical and operation risks for Open Orphan’s partners are radically reduced. And, with big pharma currently investing heavily in infectious disease programmes, this young company is now growing rapidly and is already profitable. Leo and Vincent also discuss;

·         The world-first COVID 19 trial which Open Orphan is delivering is delivering on behalf of the British government  

·         Leo’s views on the mindset of a successful CFO

·         Leveraging technology to increase efficiency and drive productivity 

·         The importance of developing a strong communication profile with investors  

What Leo has learned about avoiding ‘analysis paralysis’ from Open Orphan’s dynamic co-founder, Cathal Friel. 

It is an interesting time to be overseeing the management and evolution of Ireland’s public transport network. Not only has the pandemic dramatically reduced passenger numbers on trains, trams, buses and taxis, at least temporarily, but the rapid move towards environmentally sustainable modes of transport is also introducing new and interesting challenges. 

As CEO of the National Transport Authority (NTA), Anne Graham is tasked with helping to develop solutions for these challenges and others, while also creating strategies to build the public transport system of the future. In this episode of the EY CEO Outlook Podcast, Anne Graham tells host Richard Curran the story of her rise through the public service to the role she holds today, and her vision for the public transport system of tomorrow. They discuss:

·         The challenge of providing public transport in rural areas, and how residential planning must play a role. 

·         The planned electrification of the bus fleet, battery range, and future technology

·         How to encourage more women into engineering

·         Why the NTAs mission around sustainability is helping drive talent recruitment 

·         The concept of ‘mobility as a service’ and making one ticket allow access to several modes of transport  

In this episode of the EY  CFO Outlook podcast series, Andy Cronin tells host Vincent Wall the story of a Avolon’s remarkable growth from Dublin start-up to a world leader in aircraft leasing in just a few short years. They discuss:

·         How Andy, an engineer, became the co-founder and CFO of an aircraft leasing company

·         The story of Avolon’s IPO and his experience of running the finance function of a public company versus a private one

·         Raising capital and how Avolon has achieved a credit rating on a par with major banks

·         Environmental sustainability and why Avolon is investing heavily in electric ‘flying taxis’  

·         Why Ireland enjoys a ‘monopoly position’ in the aircraft leasing sector

·         Why data pays a critical role in Avolon’s success. 

In this episode of The EY CEO Outlook podcast, ICON CEO Steve Cutler tells host Richard Curran the story of ICON’s rise from Irish start-up to global leader in a challenging and competitive field, and his role in that journey. A former Australian rugby international, Cutler sees many similarities between playing on the pitch and leading a contract research organisation  (both are competitive “contact sports”), and he describes how his former career has influenced the style and success of his leadership approach.

In this episode of the EY CFO Outlook podcast, Kenmare Resources Finance Director, Tony McCuskey tells host, Vincent Wall the compelling story of an Irish company’s rise to the top of the exploration industry. It is a journey involving hostile environments, working with local governments and communities , maintaining relationships with partners and shareholders, and personal resilience.

“We didn’t have any physical assets, what we had was a dream”. When Tony McCluskey joined Kenmare Resources in 1991 it was still a relatively small Irish exploration company. Today it is one of the world’s leading producers of titanium materials and zircon, quoted on the London stock exchange, and with a market capitalisation of £500 million.  

The story of how Kenmare Resources has grown into what it is today is a fascinating one, but it has not been without its crisis points. Commodity prices can rise and fall sharply, and Kenmare Resources almost fell into the hands of new owners during a particularly rocky period. Leading the company’s finance function throughout that time, McCluskey clearly remembers the determination, perseverance, and support that saved them.

They also talk about:

·       Tony’s upbringing in Co. Kilkenny and why he always wanted to be part of a business

·       His experience working in rural Mozambique

·       The dramatic collapse in mineral prices that almost led to the loss of the company to new owners

·       The importance of benefiting the community in which you run operate – funding schools, hospitals and agricultural programmes

·       His key priorities as CFO. 

As a young science graduate, Audrey Derveloy’s goal was to have a positive impact on society. Now, as a leader of a global medicines company during a world-wide pandemic, that dream is being realised.  

Novartis employs 1,400 people in Ireland, and the company uses innovative science and digital technologies to create transformative treatments in areas of great medical need such as Cardiology, Oncology and Immunology. Having spent several years in leadership roles at Novartis in France, Audrey was offered the role of General Manager and Country President of Novartis Ireland in early 2020, just before the COVID-19 pandemic began.  

In this episode of The EY CEO Outlook Podcast, Audrey Derveloy, General Manager of Novartis Ireland, tells host Richard Curran about her aspirations as a young medical student, her lifelong love of science, moving her family to Ireland to run Novartis’ operations there, and her vision for the future of medicine.

They also discuss: 

·        Why COVID-19 is a valuable opportunity to build trust in the Pharma sector 

·        Novartis’ footprint in Ireland and what kind of medicines it makes in this country 

·        Why the future of Pharma lies in intelligent data 

·        Audrey’s views on improving Irelands’ Pharma regulatory landscape  

·        Why the State may need to collaborate more with the pharma sector to develop innovative medicines.

In this episode of The EY CEO Outlook Podcast, Noel Keeley, CEO of Musgrave Group, tells host Richard Curran about his rise to the top of Ireland’s number one grocer, his views on consumer behaviour and how they are changing, and why Musgrave Group’s company values are so important to the group’s success.
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For Noel Keeley, CEO of Musgrave Group, the basics of retailing are simple: “Give people what they want, when they want it, at a price they’re willing to pay”. And while so much has changed in retail, particularly as a result of COVID-19, Keeley believes that this fundamental approach will never change.  

It was a lesson that he learned as a teenager while working for a number of years in his local supermarket in Tullamore, Co. Offaly. And despite at the time having no intention to continue his career in the retail sector, today Keeley finds himself running the country’s leading supermarket, SuperValu, applying that same simple approach.  

They also discuss: 

·    How Musgrave Group, an indigenous family-run organisation, successfully competed against the international multiples 

·    Balancing consumers’ desire for quality locally-sourced food but at an affordable price 

·    Keeley’s views on out-of-town retail development and why he wants to bring shops to people, not people to shops 

·     His vision for the store of the future – experiences, solutions over products, and theatre 

·     Overcoming the challenges of Brexit. 

“Like anyone with ambition you’re always looking for the next move”. Michael Rice’s career has been punctuated by a series of very significant phone calls, each of them offering him the chance to work in a dynamic new company and environment. And, crucially, every role was a stepping stone to the one that Michael holds today – CFO of Glenveagh Properties. 

Having worked for some of Ireland’s leading entrepreneurs and companies, including Dermot Desmond and Kingspan, Michael Rice was drawn to Glenveagh as it gave him the opportunity to put his own stamp on the role and direction of the business. At the time Glenveagh was a new entity but one that, like Michael, had great ambitions. There was also a potential IPO on the horizon. Looking back on the decision Michael describes it as “a calculated risk, but one that certainly paid off”.

In this episode of The EY CFO Outlook podcast, Michael Rice talks to host Vincent Wall about his journey to the position of CFO of publicly-listed Glenveagh Properties, his views on the future of the Irish housing market, and what drives him to succeed. They also discuss:

·         His experience of working directly with some of Ireland’s leading CEOs and CFOs

·         Executing an IPO and maintaining good investor relations. 

·         Why IT Security keeps him awake at night 

·         The CEO CFO relationship and why it is critical 

·         The advice he would give to other CFOs.

What issues are top of mind for the CEOs of Ireland’s leading organisations? This is the question that the EY CEO Imperatives study set out to answer, and the results are revealed in this episode of The EY CEO Outlook podcast series.

305 CEOs of the Forbes Global 2000 were surveyed about their perspectives on the DNA of the future enterprise, and the findings provide a fascinating insight into how the Covid-19 pandemic has rearranged and changed the priority list for business leaders.

In this podcast, EY Ireland Head of Markets, Graham Reid, discusses the survey results with host Richard Curran, covering areas including:

· The rise of purpose and empathy as a highly-valued characteristic in senior leaders.

· Intangible value – what it is, and why so many CEOs value it so highly?

· Why the hybrid work model is the future.

· Mitigating digital risk while building trust and security.

· Building Sustainability into all areas of the business, and why that is a rewarding long term play.

Mark Garvey became Group CFO of Glanbia in 2013, a time of significant change for the company. It was rapidly transitioning into a global performance nutrition and ingredients business, with acquisitions and joint ventures forming a core part of this successful diversification and expansion strategy.   

However, in 2019 Glanbia hit a ‘speed bump’ in its performance nutrition business, requiring an adjustment to expectations of profit and the deployment of an extensive transformation programme. A year later, COVID-19 hit and, again, a new strategy was required. As Group CFO, Mark was a core part of the team driving Glanbia’s strategic reaction to both events, and he has witnessed the positive results first-hand.  

In this episode of The EY CFO Outlook podcast, Mark Garvey talks to host Vincent Wall about the fascinating transformation of Glanbia from a dairy processing business to a global performance nutrition and ingredients giant. Employing over 7,600 team members across 34 countries, Glanbia truly is an Irish success story, and this interview reveals many of the driving factors behind its success. Mark and Vincent also discuss: 

• The changing consumer and how COVID-19 has led to a greater focus on health and wellness, and why that is significant for Glanbia 
• The proliferation of data and how it is being used to understand customer psychology and behaviour 
• The importance of good investor relations – communication and reassurance in difficult times 
• How the role of CFO has changed and expanded, and the qualities of an effective CFO 
• Glanbia’s target of achieving Net Zero Carbon by 2050. 

Economic Eye podcast host Richard Curran talks to EY Ireland Chief Economist, Neil Gibson, about current key economic indicators and the impact they are having on business across the entire country. 

In this episode, Neil outlines the findings of the Economic Eye Spring 2021 Forecast: ‘Recovery – but at what price?’. 

Topics include:

• Two economies at either end of the growth charts in 2020
• Similar labour market disruption
• A spending surge is coming
• The sustained period of low-price inflation may be over
• Tough times ahead for policymakers
• A new era of investment is on the horizon

Steve Bowcott had effectively retired when he got the call about the role of CEO at John Sisk & Son Ltd. Having worked in PLCs for most of his career, Bowcott was intrigued by the idea of working for a private, family-owned company, with a long history and a clear purpose.  Now, almost six years after taking up the role, Steve finds himself steering John Sisk & Son Ltd. through what is arguably one of the more challenging periods in its 160 history. 

The COVID-19 lockdown has been tough on the construction industry, particularly in Ireland. Having overseen John Sisk & Son Ltd.'s involvement in some of the most iconic construction projects in Ireland, the UK, and Europe, Bowcott must now ensure that the company has the labour, materials, and regulations in place to deliver on the company’s next set of major projects.  

In this episode of The EY CEO Outlook Podcast, Steve Bowcott tells host Richard Curran about his journey to the top of the construction industry, the leadership skills he has developed working both in PLCs and private companies, and views on the future of residential and commercial property construction. They also talk about: 

• Steve’s upbringing in a working class mining family in the Welsh valleys. 
• The highlight’s of his 40-year career working at the most senior levels of the construction industry, and what he has learned from it
• His views on the Irish culture and approach to business, and how that has shaped his leadership style
• The John Sisk & Son Ltd. company values of  Care, Integrity and Excellence and how they are applied in very practical ways to improve safety, mental health, and gender balance within the industry
• The CEO he most admires, his business mantra, and how he would like to be remembered as a leader.  

With 6000 forest properties nationwide, totalling over one million acres of land, Coillte has been a very visible presence in Ireland since its formation in 1989. But in recent months Coillte-owned forests have become a lot more familiar to a lot more people, attracting over 2.2m visitors between March and December 2020. Coillte CEO, Imelda Hurley, is proud to be providing such a vital outlet for people during difficult Covid restrictions.  

While Imelda Hurley’s love of the outdoors was one of the factors that attracted her to the position, it was the opportunity to play a central role in Ireland’s sustainability and climate action journey that she found most compelling. As the custodian of over 7% of the country’s land base, Hurley is clear about the role that Coillte must now play in enabling green energy on its estate, and is already putting projects into play to help Ireland meet its 2030 climate targets. 

In this episode of The EY CEO Outlook Podcast, Coillte CEO Imelda Hurley speaks to host Richard Curran about her vision for this ever-evolving commercial semi-state company. Having taken up the role just months before Covid-19 hit the country, Imelda’s tenure of Coillte has been an interesting journey to date, and one that is about to become even more so. They talk about:

•Coillte’s footprint in Ireland and its three high potential businesses – Forestry, Land Solutions, and Medite Smartply.
•The company’s role in generating wind energy and a major joint-venture with the ESB aiming to deliver one gigawatt of power by 2030.
•Being a female leader in an industry perceived to be predominantly led by men.
•Imelda’s time working in China and why she learned about the country and culture. 
•Her love of the outdoors and experience climbing some of the world’s highest peaks. 

Managing the finances of any organisation is challenging at the best of times, but when that organisation is the Health Service Executive, and the country is in the midst of a pandemic, the role of CFO takes on a whole new meaning.  

Stephen Mulvany is acutely aware that the HSE and the services it provides touches the lives of every citizen in the country. As such, his position as CFO is particularly high-profile, requiring an impeccable approach to accountability and transparency, and an ability to deal with the pressures of public opinion. However, he believes that one “could not expect anything less in a democracy”.    

In this episode of The EY CFO Outlook Podcast, HSE CFO Stephen Mulvany talks to host Vincent Wall about his role in securing, managing and accounting for the largest health budget in the history of the State. They discuss: 

• The relationship between the HSE and the Department of Health – a strong partnership, forged over many years, with some ‘healthy tensions’ 
• His pride about the major investment being made in community care and why this strategy is so important 
• The HSE position as largest property holder in the State, maintaining over two thousand buildings across the country 
• The modernisation and integration of the HSE’s financial system 
• His admiration for Nelson Mandela.