Margaret Heffernan (Irish businesswoman) facts for kids

Margaret Heffernan (born Margaret Dunne in 1942) is a famous Irish businesswoman. She is best known for leading one of Ireland's biggest companies, Dunnes Stores. She started working there as a teenager and later became its Chief Executive Officer (CEO).

Early Life and Family

Margaret Dunne was born in Cork in 1942. She was the oldest of six children. Her father, Ben Dunne, was the founder of Dunnes Stores.

Margaret has three sisters, Anne, Thérèse, and Elizabeth. She also has two brothers, Frank and Ben Dunne Jnr.

A Lifetime at Dunnes Stores

Margaret left school when she was 14 years old to work for her father. She started in his clothing shop on St Patrick's Street in Cork. She has worked for the family company her entire life.

In 1964, she became a director of the company. A director is a person who helps make important decisions for a business. She was very good at choosing the clothes and fabrics the stores would sell.

Taking the Lead

In the early 1990s, Margaret's brother, Ben Dunne Jnr, was the head of the company. However, after a major disagreement about how to run the business, he left his position. Margaret believed the stores should sell higher-quality items. Her brother wanted to sell more items at lower prices.

Margaret gradually took over leadership of Dunnes Stores. By 1995, she was the main person in charge of the entire group of companies. She became known for being a tough but fair negotiator.

A Difficult Situation

In the mid-1990s, Margaret discovered that her brother had secretly given large amounts of money to important Irish politicians, including the leader of the country, Taoiseach Charles Haughey.

Margaret believed this was wrong. She met with Mr. Haughey to discuss the payments. Even though he told her not to, she reported what she knew. Her actions helped start official investigations called the McCracken Tribunal and the Moriarty Tribunal. These investigations looked into secret payments in Irish politics.

Modernizing the Brand

Margaret is credited with making Dunnes Stores a more modern and popular brand. She wanted to improve the quality and style of the products.

She hired famous designers like Paul Costelloe to create special clothing lines just for Dunnes. She also worked with well-known gardener Diarmuid Gavin to offer unique products for the home and garden. These changes helped make the brand more valuable.

The Next Generation

Margaret has four children, and she has involved them in the family business. In 2004, she gave her oldest son, Michael, a share in the company.

By 2017, Margaret began to step back from her daily role. Her daughter, Anne Heffernan, and her niece, Sharon McMahon, were appointed as new directors. They now help manage the company's operations.

The Irish Times newspaper has called Margaret "Ireland's most formidable businesswoman."

Personal Life

Margaret is married to Andrew Heffernan, a retired doctor. They have four children and at least six grandchildren. She is known to be very private and religious.

She has a strong interest in horse racing and was made an honorary member of Ireland's Turf Club. At one time, she also owned her own Yves Saint Laurent fashion shop, but later closed it.

Helping the Community

Margaret has done a lot of work for charity. In 1988, she helped start The People in Need Trust. This charity has raised millions of euros to support local community projects across Ireland.

She also helped raise money for important projects at St. Vincent's Hospital in Dublin. This included a new Education and Research Centre and a Diabetes Centre.

Awards and Recognition

In 1988, Margaret won the Millennium Award from the City of Dublin for her charity work. The next year, she received the Lord Mayor's Award.

The National University of Ireland gave her an honorary Doctor of Laws degree in 2007. This was to recognize her success in business and her work for the community.