Mr. McManus was appointed Chief Executive in February 2002 for a seven-year period and this contract was later extended by three years.
The Chairman of ESB, Lochlann Quinn, today described Mr McManus's tenure as one of exceptional achievement.
"Under Padraig's leadership, ESB has grown to become a company with annual revenues in excess of €3 billion, investing almost €1 billion each year in infrastructure and paying one-third of its profits to the Exchequer. Since 2002, ESB has paid €1.2 billion in dividends and subsidies for electricity prices while building one of the safest and most reliable national electricity networks in the world. Meanwhile, it has continued to invest heavily in renewable energy, modernise its power generation portfolio and support major sustainability projects.
At the end of 2010, ESB concluded the purchase of NIE, the Northern Ireland Electricity Networks business – the largest acquisition in the company's history. Its international wing, ESB International, continues to develop a strategic presence in UK and Europe as well as acquiring valuable engineering contracts globally. As Chief Executive, he has led ESB through a period of unprecedented change in the energy business to a position where it is now well placed to meet the many challenges ahead", the Chairman said.
Following the announcement, Mr McManus said, "I am extremely fortunate and proud to have worked as ESB Chief Executive since 2002. ESB was founded in 1927, shortly after the inception of the State, and continues to serve Ireland and its customers as a skilled, professional, modernising and reliable company that contributes substantially to the economy. I could not have wished to work with more dedicated and committed people".
A native of Co Kildare, Mr. McManus joined ESB in 1973 after graduating in Engineering from University College Dublin. During his career, he worked in Europe before going to live in Saudi Arabia to work on the electrification of the western suburbs of Riyadh. In 1987, he moved for four years to Accra, the capital of Ghana, West Africa to oversee the building of the country's electricity networks. He was appointed Managing Director of ESB International and Commercial Director before becoming ESB Chief Executive in 2002.
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