Chairman of Independent News & Media (INM) Leslie Buckley to stand down from the board
The chairman of Independent News & Media (INM) Leslie Buckley is to stand down from the board.
Four new directors have also been named to the board, including Telegraph media veteran Murdoch MacLennan, the former CEO of the Telegraph Media Group in the UK.
INM announced that its Chairman, Leslie Buckley, has informed the Company that he will be stepping down from his position at an Extraordinary General Meeting (EGM) that will be held in Dublin on March 1.
Non executive director Allan Marshall, will also retire from the board.
INM's Chairman, Leslie Buckley, said: "I have taken the decision to retire from the Board in March after five-and-a-half years as Chairman. I would like to thank my Board colleagues, the INM Management Team and all the great people who work for the Company for their support during what has been an eventful and challenging time for both the Company and for the Irish newspaper industry as a whole."
In a statement issued to the stock market, the board of INM thanked Leslie Buckley for his leadership of the INM Board and his contribution to the company since his appointment as Chairman in 2012. "Leslie has been a very strong leader of INM's Board during what has been a difficult and challenging period for the company at a time of great change in our industry. He has shown great fortitude and resilience in guiding the Board during this time and leading INM's strategic efforts to prepare for the challenges that lie ahead. We note in particular, the very strong financial base INM now has following his term as Chairman. The Financial Restructuring led by Leslie in 2013 has cleared a legacy deficit in excess of €430 million, to a position today, where the Company has a cash surplus in excess of €90 million."
Four new non-executive directors, John Bateson, Fionnuala Duggan, Murdoch MacLennan and Seamus Taaffe, have been nominated to the board.
John Bateson is managing director of International Investment and Underwriting (IIU) and represents IIU on the boards of various companies, both private and publicly quoted. Since joining IIU in 1995, he has been closely involved in the creation of its current portfolio of investments.
Fionnuala Duggan is managing director of KNect365 Learning, part of the events and conferences division of London-quoted Informa.
Murdoch MacLennan is deputy chairman of the Telegraph Media Group and was previously its CEO for 13 years.
Seamus Taaffe is an experienced non-executive director and financial and management consultant. He was a senior audit partner with KPMG until his retirement in 2009.