Management and Boss Jacobs reach a settlement on departure terms
Daa CEO Kenny Jacobs to Leave Role in New Year Following Exit Package
Kenny Jacobs, the CEO of the daa, which operates Dublin and Cork airports, is set to leave his role in the new year following an agreed exit package. The departure comes after a breakdown in relations between Jacobs and members of the board, which was resolved through a mediation process.
The agreement requires ministerial approval from Transport Minister Darragh O'Brien and Minister for Public Expenditure Jack Chambers. Minister O'Brien stated that any exit package to be paid to the daa CEO would require his approval. The process of obtaining ministerial approval could take weeks.
Jacobs took up the role in January 2023, meaning he has served just over two and a half years of a seven-year term. During his tenure, he was central to delivering growth at Dublin Airport. Minister O'Brien acknowledged Jacobs' contributions, stating, "I want to acknowledge the significant role that Kenny Jacobs and his team have played in the growth of Dublin Airport."
The daa's annual report for last year shows that Jacobs received a total remuneration package of almost €375,000. This package included a basic salary of over €280,000 and pension contributions and other taxable benefits of over €90,000. The estimated exit package for Jacobs is around €1.2 million.
The board of directors, chaired by Basil Geoghegan, is due to meet in Cork for a pre-scheduled meeting on Friday. It is unclear whether the exit package and ministerial approval will be discussed during this meeting.
Jacobs was the subject of two complaints under the daa's protective disclosures policy, which were not upheld, meaning the chief executive was exonerated. The breakdown in relations between Jacobs and members of the board, the mediation process, and the agreement between Jacobs and the board of directors were not mentioned in the current paragraph.
As Jacobs prepares to leave his role, the daa will begin the process of finding a new CEO. It remains to be seen who will take on the mantle of leading the organisation responsible for Dublin and Cork airports.
In conclusion, Kenny Jacobs, the CEO of the daa, is set to leave his role in the new year following an agreed exit package. The departure comes after a breakdown in relations between Jacobs and members of the board, which was resolved through a mediation process. The process of obtaining ministerial approval for the exit package could take weeks. Jacobs has served just over two and a half years of a seven-year term and was central to delivering growth at Dublin Airport. The daa's annual report for last year shows that Jacobs received a total remuneration package of almost €375,000. The board of directors, chaired by Basil Geoghegan, is due to meet in Cork for a pre-scheduled meeting on Friday. It is unclear whether the exit package and ministerial approval will be discussed during this meeting.
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