A settlement has been reached in the High Court between former Dairygold CEO Jerry Henchy and the co-op over the termination of his €580,000 a year position almost five years ago. Henchy has not worked since.
As a part of the settlement, Henchy will receive no damages but Dairygold have agreed to pay almost €200,000 in compensation.
Dairygold confirmed that any suggestion that Henchy's dismissal was as a result of any financial impropriety "was and is without foundation."
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For his part, Mr Henchy confirmed in a statement read out in court "that the board, in coming to the decision to terminate his services as CEO, acted in good faith and without malice towards him".
"The High Court settlement, which involved the payment of no sum for damages to Mr Henchy, has the unanimous approval of the Dairygold board. The Society robustly defended its decision to terminate the services of Mr. Jerry Henchy as CEO and is satisfied with the outcome of the case, which might well have continued for a further five or six weeks. The conclusion of the proceedings enables the board and management of the Society to focus on the continued development and expansion of the business of the Society." said chairman Bertie O'Leary in a statement today.
Mr Hench was not in court but his solicitor provided a statement that said he is "delighted with the outcome of his case against the co-operative and that his good name and reputation have been fully vindicated."