INM promotes Crowley to chief operating officer

Independent News & Media has promoted the chief executive of its Irish operation Vincent Crowley to the role of its new group-wide chief operating officer.

Crowley will step into the position that has been vacant since Gavin O’Reilly was promoted to chief executive of INM.

He will be replaced by Joe Webb, the current managing director of the group’s Irish operations, which includes the Belfast Telegraph.

The news of Crowley’s appointment comes less than a week after INM bondholders agreed to take a significant stake in the company as part of its refinancing deal.

Bondholder’s voted “overwhelmingly in favour” of the proposal, which will see them control 46% of the company once the restructuring process is complete, at last week’s EGM.

INM is still to unveil details about a rights issue, which will be used to pay off the €123 million (£111 million) that they owe bondholders.