Mr Tom Mulcahy has had his eye on Aer Lingus for some time. In his previous job as the chief executive of AIB, Mr Mulcahy advised the Government, via AIB Capital Markets, on the airline's stalled flotation.
Mr Mulcahy would have a better insight than most into the dramatic reversal of the national airline's fortunes over the last three years. In 1999, the State airline was worth more than £500 million (€635 million) and set to follow Eircom into public ownership, earning AIB a nice fat fee.
Last August Aer Lingus was a less attractive prospect, but the recently retired Mr Mulcahy still took on the £6,000-a-year plus perks post on the untimely death of Mr Bernie Cahill.
In a State that has no public honours system, the appointment to a State company board by the Government is as close as you get to a knighthood.
The logic is that the more high profile the company, the greater the honour. Before its near meltdown in the early 1990s, a seat on the board of Aer Lingus - with its free flights - was the prized State company appointment.
Considerable prestige still attaches to the chairman's job but Mr Mulcahy will have a lot to do before he can think about basking in semi-State glory.
The former AIB boss is already making his presence felt. His plan for Aer Lingus is less than subtle in concept but some finesse is shown in its execution. Every stakeholder in Aer Lingus from the Minister for Public Enterprise to the trade unions now knows that jobs have to go for Aer Lingus to survive. The airline has engineered this consensus without putting a figure on the record. Instead it has run a covert softening-up campaign, with the hype surrounding yesterday's board meeting the latest instalment.
Mr Mulcahy's role in all this is hard to quantify, but in the absence of a chief executive and given the impending departure of the acting chief executive, it must be assumed to be substantial.
The decision to bite the bullet immediately on the fall-out of September 11th would be in keeping with Mr Mulcahy's reputation.
All the adjectives normally used to describe successful businessmen are found in company with his name in the clippings. He is forceful, direct, a hard task master etcetera. On the other side, he is also said to be sensitive to criticism. A career banker, Mr Mulcahy rose to prominence via AIB's investment banking and treasury business. His record speaks for itself.
During his seven years as chief executive, he presided over an increase in profits from €372 million to €1.25 billion and significant overseas expansion. It is safe to assume that he would not have risen to the top job in AIB without some ability to play politics. If he really is sensitive to criticism, he will already find himself on common ground with the Minister for Public Enterprise, Ms O'Rourke. Steeling the Minister to support him and his management in pushing through job cuts and other politically sensitive decisions will be one of his more important tasks.
The appointment of Mr Bernard Somers as adviser to Aer Lingus is seen as further evidence of the 60-year-old Tipperary man's influence. According to former AIB colleagues, Mr Mulcahy's style is to choose people for certain tasks and then leave them to get on with it. Mr Somers - who was hired last week to advise the company on its restructuring plan - is one of Ireland's better known company doctors.
A chartered accountant, he has worked in the past for Mr Larry Goodman and Sir Anthony O'Reilly as well as various State companies.
He is on the board of Independent News & Media. Mr Somers has acquired considerable wealth through various business ventures and is the brother of Dr Michael Somers, head of the National Treasury Management Agency.
