Saturday 21 April 2018

Kennedy won't seek re-election to board at INM's agm

Independent House, Talbot Street, Dublin
Independent House, Talbot Street, Dublin
Dearbhail McDonald

Dearbhail McDonald

Former KPMG managing partner Jerome Kennedy will not put himself forward for re-election as a director of Independent News & Media (INM).

Mr Kennedy (69) is currently INM's senior independent director.

He was the director to whom INM chief executive Robert Pitt made a complaint after an issue had arisen between Mr Pitt and INM chairman Leslie Buckley over the potential acquisition of Newstalk.

Yesterday, INM announced that Mr Kennedy had informed the board that he will not be seeking re-election and will retire as a director at the conclusion of the company's AGM, to be held on August 23.

"The board would like to express its sincere gratitude to Jerome for his immeasurable contribution to the company over the last five years, a period in which INM was restored to a position of financial stability, said Mr Buckley in a statement issued by INM to the Dublin and London stock exchanges.

He added: "His experience and guidance were invaluable during this challenging period for the business."

The move represents a further shake-up of the INM board after two non-executive directors, Triona Mullane and Allan Marshall, were deemed to be non-independent after a review by Deloitte. Ms Mullane and Mr Marshall had previously been classified as independent.

Late last year, Mr Pitt made a complaint under new whistleblowing legislation to the Office of the Director of Corporate Enforcement (ODCE), prompting the company-law watchdog to seek records in relation to the possible acquisition by INM of the radio station Newstalk.

INM, publisher of the Irish Independent, manages gross assets of €218.6m and employs approximately 800 people.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business