Sharechat Logo

APN chairman O'Reilly steps down

Friday 20th April 2012

Text too small?

APN News & Media chairman Gavin O’Reilly has stepped down from the board as part of an exit from Irish parent Independent News & Media.

O’Reilly quit as chief executive of INM, Ireland’s biggest newspaper company, after reaching a compromise agreement with the board amid pressure from dissident shareholder Denis O’Brien, who owns a 22 percent stake.

INM chief operating officer Vincent Crowley will immediately replace O’Reilly, the company said in a statement.

The deal will also see O’Reilly resign as chairman of APN, which publishes the New Zealand Herald newspaper.

“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,” O’Reilly said. “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.”

O’Reilly took over the reins in 2009 from his father, Tony O’Reilly, as part of a peace deal with O’Brien who had been a vocal critic of the company’s strategy.

The stake of the O’Reilly family, who first acquired the Irish Independent in 1973, was watered down to 13 percent from almost 30 percent after INM was forced to restructure after cutting a deal with bondholders to forgive almost a billion euros of debt.

His exit comes six months after INM chairman Brian Hillery was replaced with James Osbourne amid lobbying from shareholder O’Brien.

Crowley joined the company in 1990, and has previously led APN and INM’s Irish unit.

Shares in INM rose 6.6 percent to 24.3 euro cents on the Irish Stock Exchange. APN stock last traded on April 17 on the NZX at $1.05.

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Telecom will offer CEO and senior managers performance equity grants to boost profits
Former Fonterra executive Alison Andrew appointed to head Transpower
MRP director Miller, CFO Meek go trawling for cheap shares
Rob Fyfe to leave Trilogy board, seeks new senior role in NZ
David Ross appears at District Court hearing, remanded until Aug.29
Crown drops charge against ex-SCF finance chief Graeme Brown
Postie Plus appoints No 1 Shoes executive Binns as new CEO
Pumpkin Patch CEO Neil Cowie resigns to take job with rival retailer
George Alexander Louis
Time to Move Before You Get Caught in the Meridian Watershed