Martin Shanahan will step down as IDA chief next year


IDA CEO Martin Shanahan is scheduled to leave the agency in early 2023. The planned exit was announced on Wednesday at the agency’s half-yearly balance sheet.

Half-year results show strong foreign direct investment (FDI) growth in the first half of this year, with investment up 9 percent year-on-year and well above pre-pandemic levels despite the clouding global outlook.

IDA Chairman Frank Ryan paid tribute to Mr Shannon and the agency confirmed that an international search for a new leader would now begin.

“During Martin’s tenure since his appointment in 2014, the number of multinational operations in Ireland has increased from 1098 to 1691 and the number of direct jobs within the IDA client portfolio has increased from 161,112 to 275,384 (a 71% increase) and the economic contribution of FDI in Ireland has increased significantly,” said Frank Ryan.

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

Martin Shanahan said it has been a “huge privilege to lead IDA Ireland”. He assumed his current role in 2014 and previously headed Forfás, the National Policy Advisory Board for Enterprise, Trade, Science, Technology and Innovation, having transitioned from the private sector to the public sector in 1999. Martin Shanahan will step down as IDA chief next year

Fry Electronics Team

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