02/10/2001
Province’s wealthiest businessman retires
One of Northern Ireland’s richest businessmen, Dr Allen McClay, has announced his decision to retire from the leadership of pharmaceutical firm Galen Holdings.
Dr McClay (69) is to resign as non-executive president of the company after spending 33 years guiding Galen from its inception in 1968.
Since Dr McClay established the company, Galen has grown to become one of the major contenders in the lucrative American pharmaceuticals market, with US sales now accounting for 60 per cent of the company’s revenue.
Dr McClay, who started up the company after resigning from his job as a salesman for Glaxo Welcome, now owns a £334 million stake in the company, and is generally regarded as the province’s wealthiest businessman.
The chairman of Galen, Dr John King, paid tribute to Dr McClay’s continual dedication to the company, and expressed his hope that Dr McClay would enjoy his ‘well-deserved’ retirement. (CL)
Dr McClay (69) is to resign as non-executive president of the company after spending 33 years guiding Galen from its inception in 1968.
Since Dr McClay established the company, Galen has grown to become one of the major contenders in the lucrative American pharmaceuticals market, with US sales now accounting for 60 per cent of the company’s revenue.
Dr McClay, who started up the company after resigning from his job as a salesman for Glaxo Welcome, now owns a £334 million stake in the company, and is generally regarded as the province’s wealthiest businessman.
The chairman of Galen, Dr John King, paid tribute to Dr McClay’s continual dedication to the company, and expressed his hope that Dr McClay would enjoy his ‘well-deserved’ retirement. (CL)
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