Entrepreneur Peter Casey stepping down to enter politics
Londonderry-born serial entrepreneur Peter Casey is planning to step down as chief executive of his recruitment firm Claddagh Resources and sell the company within the year.
Mr Casey set up the US-based Claddagh Resources in 1995 in Atlanta, Georgia. He recently revealed that he is set to return to Ireland to contest the Republic's next general election as an independent candidate.
He also plans to launch a new company, Claddagh Rivs (recorded interview system), next month which will be based in Dublin. Mr Casey is aiming for the company, which will specialise in a video interviewing software that he claims will significantly stream the recruitment process for large companies, to hit revenues of €10m (£7.7m) in its first year, although he added that he would be "happy with €5m (£3.8m)".
"I think Claddagh Rivs will explode, it will transform the way companies recruit," he said. "I think that one of the values of Claddagh Rivs is that it adds value to Claddagh. By the end of the year I will be out of Claddagh and will give a percentage of the equity to employees."
The businessman, who has also appeared as a 'dragon' on RTE's Dragons' Den, is now in the process of recruiting a new CEO for Claddagh Resources, who he expects will be hired within the next four weeks, who will also be in charge of Claddagh Rivs.
Mr Casey added that he will be staying on with the firm in the position of executive chairman and plans to move back to Ireland to contest the general election - with Donegal and Dublin being the two constituencies that he is most likely to run in.
While Mr Casey declined to reveal sales figures, industry estimates put the revenue of Claddagh Resources at between $2.5m (£1.65m) and $5m (£3.3m). When asked what he valued the company at, he said: "The value is what someone will pay for it."
He added: "At this stage the business isn't dependent on Peter Casey and I want to work on other interests such as my writing."