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Shares in Independent News & Media rocketed 20 per cent last week as a boardroom deal to end hostilities between major shareholders led to the departure of chief executive Gavin O'Reilly.
"The board and I agreed that what the company needs now is a board, management team and shareholder base that is purposefully unified and aligned for the company's immediate challenges and for the many opportunities that exist in the future," Mr O'Reilly said last week.
INM chief operating officer Vincent Crowley was appointed as chief executive of the company, which is the only profitable newspaper and media firm in the country.
"Vincent has the unanimous support of the board. He has served the company with distinction for over 20 years. I believe he is well equipped to position the group for the challenges which continue to face the media industry," said INM chairman James Osborne.
Mystery surrounded the identity of the purchaser of almost 2 per cent of the company recently.
Last Friday, Investec Asset Management announced that it had sold 10 million shares, bringing its stake to 5.05 per cent.
It also emerged that Doyle hotel tycoon, rock band frontman and entrepreneur John Gallagher is a shareholder in INM. However, a spokesman dismissed speculation that he had been buying shares in the company over the past week.
