Finance

Shock and speculation at Waystone after abrupt executive bloodletting

The financial services group insists the sudden move to remove its entire senior management team is a strategic decision taken to drive the future growth of the business

Derek Delaney, former chief executive of Waystone, Seán Fleming, Minister of State at the Department of Foreign Affairs and Maeve McConnon, head of the International Financial Services Division at IDA Ireland. Picture: John D Kelly

On March 23, staff at Waystone, the Dublin-headquartered financial services group, received an email that sent shock waves through the team.

“After several years with the business, Derek Delaney is leaving, alongside Paul Cahill and Glen Magee,” Nancy Lewis, the executive chair, wrote, referring to the departure of the entire senior management team.

Delaney was the global chief executive, Cahill, the chief operating officer, and Magee the chief financial officer of the firm which has ...