28 Feb 2014 07:00
DIRECTORATE CHANGE AT INM
CROWLEY TO LEAVE INM
SEARCH FOR A SUCCESSOR TO COMMENCE IMMEDIATELY
Ticker: (Bloomberg) INM.ID/ INM.LN and (Reuters) INME.I/ INME.L
Dublin / London, Thursday, 27 February, 2014: Independent News & Media PLC ('INM' and/or the 'Company' / 'Group') today announces that Mr Vincent Crowley has agreed with the Board that he will step down as Group Chief Executive Officer ('CEO') and resign as a Director of the Company over the coming months. The effective date of Mr Crowley's departure is 31 May 2014 unless an earlier date is agreed. Mr. Crowley will continue in his existing role during the selection process for a new Group CEO, which shall commence immediately using an external advisor. Progress in this regard will be announced as soon as practicable.
Commenting, Mr Crowley said: "My focus as CEO of INM over the past two years has been to restore financial stability and to restructure and reposition the company for growth across multiple platforms. With the support of a wide range of stakeholders, substantial progress has been made over recent years; net debt has reduced from €440million to approximately €118million, divestments of over €150million have been achieved and INM's cost and operational base have been transformed.
"I believe INM is now well positioned for an island of Ireland recovery. I am grateful to the many stakeholders who supported INM's transformation and to my very many friends and colleagues for their support since I joined INM in 1990" Mr Crowley added.
Commenting, Mr Leslie Buckley, Chairman INM said "On behalf of the Board and shareholders of INM I wish to thank Vincent for his leadership and support and to acknowledge the very substantial progress made by INM under his stewardship. In particular, we are grateful to Vincent for completing INM's balance sheet restructuring and for agreeing to facilitate a seamless transition to his successor, by remaining in his existing role during the process for the appointment of a new CEO."
A chartered accountant by profession, Vincent Crowley joined INM in 1990. He was appointed Group CEO in April 2012 having served as Group COO since November 2009. He had previously served as Chief Executive of Independent News & Media (Ireland) since 2002 and prior to that as CEO of APN. He was appointed to the APN Board in March 2009.
INM's Annual Results for 2013 will be published on 13 March 2014 and are expected to be in line with market expectations.
Ends.
For further information:
Pat Walsh | Vincent Crowley |
Murray Consultants Limited | Group Chief Executive Officer |
Tel: +353 1 498 0300 | Independent News & Media PLC |
Mobile: +353 87 226 9345 | Tel: +353 1 466 3200 |
Email: pwalsh@murrayconsult.ie | Email: vincent.crowley@inmplc.com |