As he prepares to step down from IAWS, Mr Philip Lynch is amused by the notion that the company he has headed for more than two decades used to be best known as an ironmonger

As he sat yesterday at a board table piled high with an assortment of the group's speciality bakery products, the image of IAWS as a buckets and bailer twine vendor does not quite fit.

Mr Lynch, who long ago learned the benefits of keeping the competitors guessing, will not mind the disparity. By contrast, he relishes the stealthy nature of the Irish group's climb to a position of prominence in, among other things, niche bakery markets in both Europe and North America.

Stepping down after almost 21 years, he has learned his lessons about steering growth without broadcasting the strategy to competitors. "Keep the mystery" is his business mantra, closely followed by a recognition that a company's only real threat comes from its people. He believes growth should come from within if possible.

Recalling that when he joined IAWS, the largest firm on the Irish Stock Exchange was none other than James Crean, and that he has seen out four chief executives at both AIB and Bank of Ireland, Mr Lynch has had plenty of time to establish what works in business and what does not.

Mr Owen Killian, who will take over the reins from Mr Lynch next week and has played a key role in IAWS's transformation, is the living embodiment of his boss's conviction.

He acknowledges Mr Lynch will be "a hard act to follow" but warns that anybody expecting a step change to coincide with his arrival at the top will be disappointed.