Ireland’s biggest listed company CRH has lost a number of top executives, who have left to join rival firm Summit Materials.
Summit was set up by former CRH board member Tom Hill, who was widely tipped to take over as chief executive when Liam O’Mahony retired last year.
Mr Hill ran CRH’s US operation, which was the traditional springboard to the top job. However, following a lengthy selection process, the board plumped for finance director Myles Lee instead.
Mr Hill subsequently resigned with a €2.2m pay-off.
CRH’s Michael Brady, Tony Keenan, Anya Fonina and Damian Murphy are among executives who have defected to join Mr Hill at Summit over the past couple of months.
The new executive management "has worked together for many years and has completed over 150 transactions as a team".
Last week it emerged that Summit had raised close to €550m from investors to buy up assets in the cement and building materials sector.