Outgoing IDA Ireland CEO Martin Shanahan presided over one of the greatest accelerations in job creation in the history of the Irish State and showed exceptional leadership during the global pandemic.
The CEO of IDA Ireland Martin Shanahan is to step down from the role next year.
Shanahan has advised the Board of IDA Ireland of his intention to step down from his role at a date to be agreed in early 2023.
“Martin has steered IDA through some of the most difficult challenges that it has faced in its history”
In due course, the Board will commence the process of undertaking an international search for a new CEO of IDA Ireland.
Service with distinction
At IDA Ireland’s mid-year update, IDA chair Frank Ryan paid tribute to Martin Shanahan, saying that he had “served IDA and the country with distinction.”
Ryan said: “During Martin’s tenure since his appointment in 2014, the number of multinational operations in Ireland increased from 1098 to 1691 (54% increase) and the number of direct jobs within the IDA client portfolio has risen from 161,112 to 275,384 (71% increase) and the economic contribution of FDI in Ireland has increased significantly.
“Martin has steered IDA through some of the most difficult challenges that it has faced in its history, from driving economic recovery to international tax changes, the withdrawal of the United Kingdom from the European Union, a global pandemic and more recent global geopolitical and economic challenges.
“In doing so, Martin has developed IDA Ireland into one of the most competitive and dynamic investment promotion and development agencies in the world through investing in its people, its culture, its processes, and its infrastructure.”
For its mid-year results for 2022, IDA Ireland reported that investments were up 9% on 2021 and 10% on 2019 pre-pandemic levels.
The results showed that despite significant global economic headwinds, FDI continues to prove resilient in Ireland.
155 investments were won, with associated employment potential of over 18,000 jobs. 73 were new name investments. 73 of the 155 investments won went to regional locations.
A compelling place to invest
Pictured (from left): Frank Ryan, chair of IDA Ireland, Mary Buckley, executive director, IDA Ireland, Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar and Martin Shanahan, CEO IDA Ireland
“IDA Ireland has continued to reinvent itself for over seven decades in order to position itself to win investment for Ireland. I hope that I have added something to that history over this period”
Shanahan said that investors’ commitment to Ireland remains strong and that the country’s value proposition as a place in which to do business remains, as evidenced by these results, a compelling one.
“Notwithstanding the serious global challenges and uncertainties on the path ahead, FDI is well placed to remain a vital contributor to Ireland’s prosperity and future success. Threats remain from a resurgence of Covid-19, the high level of risk and uncertainty in global markets, despite improvements in the global outlook.
“Volatile markets, the future trajectory of the Russia-Ukraine war, inflation and monetary policy, ongoing disruption to global supply chains, UK-EU tensions and geopolitical developments are adding to the uncertainty in the global FDI environment.”
Commenting on his decision to step down, Shanahan said: “It has been a huge privilege to lead IDA Ireland for the past eight years. IDA Ireland has continued to reinvent itself for over seven decades in order to position itself to win investment for Ireland. I hope that I have added something to that history over this period.
“The success that IDA Ireland has enjoyed has been a team effort, and I want to thank successive Governments, Taoisigh, ministers, stakeholders and investors for their confidence. Most of all I want to thank the IDA Team and the IDA Board for their unwavering support during my time here.
“I look forward to engaging in new opportunities in due course.”