The Greencore board is no doubt still wondering what hit it after last week's annual general meeting coup, where Dermot Desmond's IIU company engineered what ended up being a public humiliation of Greencore chairman Bernie Cahill.

Current Account has always been in favour of investors kicking up stink if they don't like what's going on in companies where they have put their money. For far too long, institutional investors have sat idly by while some public companies have been run into the ground by the management. The mantra from the fund managers has always been: "Management must be allowed to manage."

In Greencore's case, there was legitimate cause in the past to give the board a serious grilling. But Greencore has turned the corner, repositioned itself away from commodity agricultural products to consumer foods, and may have just made an acquisition that will transform the group.

Was now really the time to remove the chairman, even if he was proposing to stay on beyond his 70th birthday at the same time as he is chairing Aer Lingus, with all its attendant difficulties. Mr Desmond, or his representatives at last week's a.g.m., would have done shareholders a favour if they indicated clearly why Mr Cahill should not have stayed on for a final year. By remaining quiet, they only fuelled speculation on the motives behind their opposition to Mr Cahill.

For Greencore, getting a new high-profile chairman may prove rather difficult. Given the circumstances of Mr Cahill's departure, the new chairman will need to be a tough character. It won't do for Greencore to simply trawl the ranks of the retired or semi-retired great and good of Irish business for the new man or woman. A chairman of real substance will be required.