THE chief executive of Bord Iascaigh Mhara, Mr Tony Gannon, is to take early retirement next October, the sea fisheries development body has announced. The post will be advertised shortly.

Gannon's position is covered by the Government guidelines on remuneration for senior executives of State companies and his salary is capped at £46,300, according to a spokeswoman for the board.

The details of Mr Gannon's early retirement package were not revealed but a spokeswoman said it followed the norm for senior civil servants.

The board will look at filling Mr Gannon's position on a contract basis which would allow it to pay his successor more than the Government guidelines.

The new chief executive of the Trade Board, Mr Oliver Tattan, was appointed on this basis with a basic salary in line with the guidelines but the potential to earn more through a performance related bonus.

Mr Gannon is understood to have indicated his desire to take early retirement to the new chairman of the company, Mr Mark Fizgerald, who was appointed last month.

Mr Gannon (61) joined BIM in 1988 as chief executive. A statement released by BIM yesterday said that he "wishes to take life somewhat easier and plans to get involved in other business interest on a non-executive basis".

Mr Fitzgerald (38) is non-executive chairman of Bord Iascaigh Mhara and managing director of estate agents Sherry FitzGerald.

BIM received £9.5 million aid from the Government in 1995 employs 120 people.