JT Group CEO Daragh McDermott has resigned a month after the takeover of one Crown dependency telco by another was signed and delivered after successfully negotiating all regulatory hurdles.
Daragh McDermott’s (pictured top, centre) departure comes shortly after the completion of the deal – reportedly worth around £500 million – which transformed JT into the largest full-service telecoms provider across the Crown Dependencies and was described by Mr McDermott as the biggest transaction in the company’s history.
Announcing his departure on Monday evening, JT said Mr McDermott believed “now is the right time to step aside and allow the business to enter its next phase from a position of strength”.
He will remain with the company during his notice period to support the transition.
JT Non-Executive Director Brian Fitzpatrick (pictured top, right) has been appointed interim chief executive while the board searches for a permanent successor.
“Now is the right time”
Mr McDermott joined JT 26 years ago and has served as chief executive for the past five years. During that time, he led a major transformation programme and spearheaded the acquisition of Manx Telecom, a deal years in the making that almost doubled the size of the Jersey-headquartered business.
When the acquisition completed earlier this year, JT said the enlarged group would have the “scale, capability and investment strength” to accelerate next-generation network investment across Jersey, Guernsey and the Isle of Man.
In a statement announcing his departure, Mr McDermott said: “After 26 years with JT, and now in my fifth year as CEO, I have decided that now is the right time for me to step down.”
“It has been a privilege to lead JT and to work alongside such talented and committed colleagues. I am incredibly proud of what we have achieved together, particularly the transformation of the business and the successful acquisition of Manx Telecom Group.”
“Foundations now in place”
JT Chair Andy Green (pictured top, left) paid tribute to Mr McDermott’s contribution, describing the Manx Telecom acquisition as a significant milestone for the company.
“Daragh has made an exceptional contribution to JT for almost three decades, changing the structure and strength of the industry and helping shape JT into the strong, forward-looking organisation it is today,” he said.
“The recent acquisition of Manx Telecom Group represents a significant milestone, and the foundations now in place position JT strongly for future growth.”
Mr Green said Mr Fitzpatrick’s “extensive leadership experience and deep sector knowledge” made him well-placed to lead the business on an interim basis while a permanent replacement is recruited.
