Friday, November 15, 2024

Colin Sheridan: Larger-than-life O’Reilly left his mark in business circles

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There is literally no other biography, Irish or otherwise, that could include Kerrygold, Waterford Crystal, International News and Media, Heinz, and the British and Irish Lions.

Include defining contributions to peace and international investment in this country, North and Republic, through the Ireland Funds, and you can only be talking about one man: Anthony O’Reilly, who died on Saturday aged 88, at St Vincent’s Hospital, Dublin.

Described almost unanimously as charming, charismatic, and an incredible public speaker, O’Reilly is regarded as Ireland’s first tycoon.

Born in May 1936 to Jack O’Reilly and Aileen O’Conner, he grew up on Griffith Avenue, Dublin,  attending Belvedere College for his primary and secondary education.

After studying law at UCD. he later qualified as a solicitor, though he never practised.

Capped by Ireland at the age of 18, his was one of the most remarkable rugby careers of his generation.  Between 1955 and 1970, O’Reilly won 29 caps for Ireland, his 15-year career is the joint longest in Irish rugby history.

Selected for the British and Irish Lions the same year he debuted for Ireland, he toured twice with the team, to South Africa in 1955, and Australia and New Zealand four years later. 

All of this would have been enough for O’Reilly to be a recognisable public figure at home, but even his considerable sporting achievements were dwarfed by a burgeoning business career that would catapult him to global status as a titan of industry.

O’Reilly joined Bord Bainne in 1962, where he helped nurture the Kerrygold brand for Irish export butter. By 1966, he was the managing director of the Irish Sugar Company, where he helped develop a joint venture for freeze-drying food with the HJ Heinz Co. It was this relationship that led him to the big leagues of corporate America.

In 1969, O’Reilly left Ireland to join Heinz, where he made his name in international business, becoming managing director of the company’s subsidiary in Britain, its largest non-US holding and the source of half of the group profit. 

He then became chairman of Heinz in 1987, succeeding HJ Heinz II, and becoming the first non-Heinz family member to hold that post. During his time with Heinz, O’Reilly held chairmanships of many companies, including Waterford Wedgewood and Independent News and Media, and of a major partnership of solicitors Matheson in Dublin.

It would be his roles at International News and Media and Waterford that would define his second act, however.

Portrait of Irish rugby player Tony O’Reilly, right wing for the Ireland national rugby union team during a training session circa October 1958. Picture Allsport/Hulton Archive/Getty.

O’Reilly’s eventual ownership of the country’s biggest-selling newspaper titles brought with it many claims that he exerted influence though personal political agendas through his titles, a charge he regularly refuted.

As an owner of a multinational media company, O’Reilly’s fondness for the limelight saw him keep some glamorous company.

Famously, he was the recipient of videotaped 50th birthday greetings from US president Ronald Reagan  and played tennis at the White House with Reagan’s successor, George Bush Snr.

While others ran from the glare, the flamboyant businessman reveled in it. Nor did he shirk a boardroom battle. His corporate feuds with Denis O’Brien became the stuff of legend.

While O’Brien scored early success in beating an O’Reilly-led consortium to the state’s second mobile phone license in 1995, O’Reilly was the winner when the two clashed again in 2001 in the takeover battle for Eircom.

There followed an epic power struggle over O’Reilly’s beloved International News and Media, with O’Brien consistently raising his stake in the company while sowing seeds of doubt among investors regarding his rival’s leadership. In the end, it was hard to declare a winner. 

While O’Brien ultimately gained control of the company, both he and O’Reilly lost hundreds of millions of euro through a collapsing share price caused by heavy corporate debts and the 2009 crash.

As far as being Ireland’s wealthiest man, a title he reputedly coveted, the recession that followed the crash was the beginning of the end for O’Reilly.

His status as a businessman of substance faded with his immense wealth, much of which was lost in disastrous investments in Waterford Wedgewood, a company that fell into receivership in 2009.

In 2015, he was finally declared bankrupt in the Bahamas, owing €150m.

Trainer Dermot Weld and Tony O'Reilly after Chinese White had won the Audi Pretty Polly Stakes in 2010. Picture: Healy Racing
Trainer Dermot Weld and Tony O’Reilly after Chinese White had won the Audi Pretty Polly Stakes in 2010. Picture: Healy Racing

It was for his philanthropy he was awarded a knighthood 2001, bestowed upon him by Britain’s Queen Elizabeth II for “long and distinguished service” to Northern Ireland, recognition for his Ireland Funds work — which raised over €550m in the cause of peace and reconciliation in the North and Republic.

It was the first time a full knighthood was awarded to an Irish citizen, an act that required Government permission for him to accept it.

In perhaps the most telling exposition of his grandiose personality, O’Reilly preferred thereafter to be known as Sir Anthony.

O’Reilly married twice. His first, to Susan Cameron (with whom he had six children), ended in divorce in 1990.

His second marriage was to Chryss Goulandris, heiress to a huge Greek shipping fortune. Goulandris died in August 2023 aged 73.

His six children — Susie, Cameron, Justine, and triplets Gavin, Tony Jr, and Caroline — all survive him.

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