19 Apr 2012 17:03
INM ANNOUNCEMENT - DIRECTORATE CHANGES
Ticker: (Bloomberg) INM.ID/INM.LN and (Reuters) INME.I/INME.L
·; GAVIN O'REILLY RESIGNS AS CEO
·; VINCENT CROWLEY APPOINTED CEO
Dublin / London, 19 April 2012. Independent News & Media PLC ('INM' and/or the 'Company') today announces the resignation of Mr Gavin O'Reilly as an executive Director and as Group Chief Executive Officer ('CEO') of the Company with immediate effect. INM also announces the appointment of Mr Vincent Crowley, currently Group Chief Operating Officer ('COO') as an executive Director and CEO with immediate effect.
Mr O'Reilly's departure follows a Compromise Agreement approved unanimously by the Board of Directors. Mr O'Reilly had been with the Company since 1993 and has held various senior management roles. He was appointed CEO in May 2009. Mr O'Reilly today also resigned as non-executive Chairman and Director of APN News & Media Limited ('APN') in which INM holds a 29.5% equity stake.
Commenting on his departure, Mr James Osborne, Chairman, INM said "Gavin has led the Company with considerable skill and talent, especially through the very complex restructuring in 2009. Gavin leaves by mutual and amicable agreement and has the great appreciation of the Board and that of his colleagues. On behalf of all of INM's stakeholders, I wish to thank Gavin for his contribution to the business."
Commenting Gavin O'Reilly said: "After 19 eventful years with the Company, it is time for me to pursue new opportunities. 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. 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 in the future. I leave this great Company with mixed emotions, and I want to particularly thank my work colleagues and friends across Australasia, Ireland, South Africa and the UK, who I have had the great honour and privilege to work alongside."
Welcoming Vincent Crowley's appointment as CEO, James Osborne said: "Vincent has the unanimous support of the Board. He has served the company with distinction for over 20 years. I believe he is well equipped to position the Group for the challenges which continue to face the media industry. "
A chartered accountant by profession Vincent Crowley joined INM from KPMG in 1990. He was appointed Group COO in November 2009 having been Chief Executive of Independent News & Media (Ireland) Limited since 2002. He was previously CEO of APN. He was appointed to the APN Board in March 2009.
- Ends -
Media: Investors and Analysts:
Karl Brophy
Director Corporate Affairs
Independent News & Media PLC
+353 1 466 3200 (office)
+353 86 047 1951 (mobile)
Murray Consultants Limited FTI Consulting
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CORPORATE PROFILE Independent News & Media PLC is a leading international newspaper and media group. Its main interests are located in Ireland, Northern Ireland, and South Africa. The Group has market-leading newspaper positions in Ireland, Northern Ireland, and South Africa and has established a strong and growing digital presence, including market-leading digital positions in each of our main markets with more than 75 editorial, classified and transactional sites. INM is the largest newspaper contract printer and wholesale newspaper distributor on the island of Ireland. In Australasia, the Group has a 30.4% investment in APN News & Media Limited - which is quoted on the ASX (Sydney). APN is the largest newspaper publisher in New Zealand and leading regional publisher in Australia. It is also Australasia's largest outdoor advertising operator and radio operator, with over 140 stations. APN also has leading outdoor advertising positions in Hong Kong and Indonesia. From its newspaper origins in Ireland, INM has grown and evolved to become a geographically and media diverse group with market-leading brands. In aggregate, INM manages gross assets of €699 million, revenue of €558 million and employs approximately 2,900 people worldwide. |