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13/03/2009
Media Mogul Stands Down
The billionaire boss of one of Ireland's biggest media companies is to stand down.
Anthony O'Reilly, 72, is retiring as chief executive of Independent News & Media, where he has been a director for over 30 years.
Mr O'Reilly will stand down on his 73rd birthday in May.
Rival shareholder Denis O'Brien who holds 25% of the company's stock has welcomed the move. He said boardroom changes will help to position the group strongly in the current financial climate.
Following a long battle with Mr O'Brien over the make-up of the board and corporate governance at the group, three new directors will be appointed by Mr O'Brien.
However, the media mogul who is said to be the sixth richest man in Ireland has appointed his son, Gavin, to take over as chief executive.
Announcing his retirement on Friday, 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."
His son Gavin has been Group Chief Operating Officer of the group, since 2001.
(DW/BMcC)
Anthony O'Reilly, 72, is retiring as chief executive of Independent News & Media, where he has been a director for over 30 years.
Mr O'Reilly will stand down on his 73rd birthday in May.
Rival shareholder Denis O'Brien who holds 25% of the company's stock has welcomed the move. He said boardroom changes will help to position the group strongly in the current financial climate.
Following a long battle with Mr O'Brien over the make-up of the board and corporate governance at the group, three new directors will be appointed by Mr O'Brien.
However, the media mogul who is said to be the sixth richest man in Ireland has appointed his son, Gavin, to take over as chief executive.
Announcing his retirement on Friday, 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."
His son Gavin has been Group Chief Operating Officer of the group, since 2001.
(DW/BMcC)
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