The chief executive of Independent News & Media, Sir Anthony O’Reilly, is to retire in May, to be replaced by his son Gavin O’Reilly with immediate effect.
O’Reilly, INM’s largest shareholder with 28.5%, will retire on 7 May, with his son, currently chief operating officer, becoming chief executive-designate with immediate effect.
INM shareholder Denis O’Brien – who has been involved in a dispute with O’Reilly – will be given three seats on a smaller board of directors.
Gavin will be the only O’Reilly family member on the board after two others stepped down.
It is understood that INM bankers pressured the group to bring to an end the differences between O’Reilly and O’Brien ahead of a €200 million bond payment in May.
The board will be reduced from 17 members to 10 over the next three months, ahead of its general meeting in June.
The new board will comprise Dr Brian Hillery, Gavin O’Reilly, chief financial officer Donal Buggy and non-executive directors Ken Clarke, Baroness Jay, Brian Mulroney and Frank Murray.
The three new directors nominated by Denis O’Brien are Leslie Buckley, Paul Connolly and Lucy Gaffney.
Sir Anthony O’Reilly said: “It has been more than three decades since I first became involved with Independent and in that time it has been my pleasure to have worked with a range of highly talented and hugely committed directors and colleagues. My appreciation of them is undiminished by time.
“Together, we have expanded this Irish newspaper group and enshrined a fiercely independent editorial policy that is widely respected across the world. As the largest shareholder, I will continue to support their legacy and this wonderful group in the furtherance of its strategy.”
