Independent News & Media group chief executive Gavin O’Reilly resigns
INDEPENDENT News & Media (INM) group chief executive Gavin O’Reilly has resigned as head of the media business.
He will be replaced by Vincent Crowley, chief operations officer of the group.
The O’Reilly family, headed up by former chief executive Sir Anthony O’Reilly, has a 13pc stake in the group.
Other shareholders include businessmen Denis O’Brien and Dermot Desmond, who have 22pc and 6pc of the shares respectively.
Ongoing tensions between the O’Reilly family and the two shareholders are understood to have reached a head over the past number of weeks.
Mr O’Reilly was appointed as chief operating officer in 2001,and appointed as group chief executive officer in 2009. He was appointed to the board in 2004.
He has been with the company since 1993 and has held various senior management roles.
Today he also resigned as non-executive chairman and Director of APN News & Media Limited, in which INM holds a 29.5pc equity stake.
Mr O'Reilly said: “After nineteen eventful years with the company, it is time for me to pursue new opportunities.
"It had become clear that recent and public shareholder tensions were proving an unnecessary distraction for both me and the company and this was not in the best interests of the company.
"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.
"I leave this great company with mixed emotions, and I want to particularly thank my work colleagues and friends across Australasia, Ireland, South Africa and the UK, who I have had the great honour and privilege to work alongside.”
Commenting on his departure, Mr James Osborne, chairman, INM said: “Gavin has led the company with considerable skill and talent, especially through the very complex restructuring in 2009.
"Gavin leaves by mutual and amicable agreement and has the great appreciation of the board and that of his colleagues.
"On behalf of all of INM’s stakeholders, I wish to thank Gavin for his contribution to the business.”
Welcoming Mr Crowley’s appointment as CEO, Mr Osborne said: “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. ”
Mr O’Reilly resignation comes ahead of an annual general meeting of shareholders of the company in June.