DAIRYGOLD HAS CONFIRMED that it has agreed a settlement with former chief executive Jerry Henchy in a High Court action brought in relation to the termination of his position.

The settlement involves no payment of damages to the ex-CEO but does include a payment of €196,800 to cover some of his legal costs.

The Dairygold Co-Operative Society told the court today that any suggestion that the termination of Henchy’s services related to financial impropriety or wrongdoing is “without foundation”.

In turn, Henchy told Justice Herbert that Dairygold had 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,” said chairman Bertie O’Leary in a statement today.

“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.”

Henchy had brought the €8 million legal action over the loss of his €560,000 job. The case was struck out by the High Court once details of the settlement emerged.

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