A new chief executive will be appointed, from a shortlist of three, by the end of May. In an interview with the Sunday Tribune O'Ceidigh said new blood was required to "bring the company to a different level".

O'Ceidigh, a former solicitor, sold his law practice and remortgaged his house to buy Aer Arann in 1994 together with Eugene O Kelly, despite the pair having no experience in aviation. O Kelly left the company in 2001 and sold his shares to O'Ceidigh.

Under O'Ceidigh Aer Arann, which posted profit of �?�7.6m on turnover of �?�70m in 2004, built its business on providing air services on public service obligation (PSO) routes, which are subsidised by the government. It has since expanded its business to include services to regional airports in Britain and France. O'Ceidigh said one of the main duties of the new chief executive will be to expand Aer Arann's international operations.