Michael Carey Resigns as Chairman of Enterprise Ireland Amid Financial Delays

Michael Carey has resigned as chairman of Enterprise Ireland (EI) following delays in filing financial accounts for his company, East Coast Bakehouse. In a message to the board, Carey expressed his desire to remain in the role but stated he had “no choice” due to the circumstances surrounding the late filings.

The resignation, which occurred in June 2023, was influenced by concerns that the delays could reflect poorly on Minister Peter Burke, who oversees the Companies Registration Office. Carey acknowledged that while late filings are common across many businesses—approximately 15,000 filings are late each year—his position as chairman of both EI and the Housing Agency drew heightened media scrutiny.

In his communication to the EI board, Carey attributed the situation to “some management/administrative errors.” He noted that efforts to rectify the accounts had been complicated by the need to change auditors. “There are no suggestions of any financial or accounting issues at the business,” he clarified, emphasizing that the matter was purely administrative and related to compliance with corporate governance responsibilities.

The timing of Carey’s announcement was strategically managed to ensure that the board was informed before the news became public. Interim Chief Executive Kevin Sherry reached out to Carey regarding the resignation statement, indicating a coordinated effort to maintain transparency within the organization.

Carey confirmed that he had communicated with Minister Burke about the resignation, stating, “Yes, I’ve spoken with and emailed the minister. The statement is issued now.” Following the announcement, Sherry sent a personal message to all EI staff, highlighting Carey’s commitment to supporting Irish exporters throughout his tenure.

“Michael gave huge time and commitment to Enterprise Ireland and was dedicated to supporting Irish exporting businesses at all stages of their development,” Sherry wrote. He praised Carey for consistently focusing on how the organization could better serve Irish businesses, ensuring that clients’ voices were prioritized in discussions.

Initially, Enterprise Ireland faced scrutiny regarding the disclosure of documents related to Carey’s departure, ultimately providing records only after an appeal under Freedom of Information laws. When questioned about these documents, the agency stated it had no further comments beyond its public statement made in June.

Carey’s resignation marks a notable shift for Enterprise Ireland, an agency dedicated to enhancing the growth of Irish businesses on the global stage. His departure underscores the challenges faced by organizations in maintaining compliance with regulatory requirements while navigating public and media attention.