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Gavin O’Reilly steps down as CEO of INM

Vincent Crowley, current Group Chief Operating Officer, appointed in his place.

19/04/12 5,094 Views 35 Comments
Image: Photocall Ireland

Updated 17.50

GAVIN O’REILLY has stepped down as the chief executive of Independent News and Media (INM). The move came during a board meeting this afternoon. Earlier today, it emerged that an anonymous buyer purchased 13 million shares in INM (that is two per cent of the organisation).

A source had indicated to TheJournal.ie that Vincent Crowley, current Group Chief Operating Officer at INM, is to take over. That suggestion was confirmed by a statement from INM this evening. Crowley will be both CEO and an executive Director with immediate effect.

The statement says that O’Reilly’s resignation “follows a compromise agreement approved unanimously by the Board of Directors”. O’Reilly has also resigned today as non-executive Chairman and Director of APN News & Media Limited (APN) in which INM holds a 29.5 equity stake.

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.

The appointment of Vincent Crowley was welcomed by James Osbourne, Chairman of INM. He said that Crowley had the “unanimous support” of the Board of INM. Crowley has been with INM for 20 years and appointed Group COO in November 2009. Osbourne said:

I believe he is well equipped to position the Group for the challenges which continue to face the media industry.

The annual meeting for Independent News and Media is due to take place on 8 June.

The O’Reilly family have headed up INM for almost four decades. Tony O’Reilly Snr, Gavin’s father, stepped aside in 2009 from both the role of CEO and from the board of INM and was succeeded by Gavin.

That move in 2009 had been supported by Denis O’Brien but in recent months, it had been suggested that O’Brien was looking to remove the younger O’Reilly from the post in a battle over control of the direction of the company. O’Brien owns over 22 per cent of INM shares.

Independent News and Media Plc reported a pre-tax loss of €63.6m for 2011 earlier this year.

AUDIO: What did Gavin O’Reilly do with his first day post-INM resignation?>

About the author:

Susan Daly
susandaly@thejournal.ie

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Comments (35 Comments)

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  • Jerry Slattery 19/04/12 #

    I would imagine there is an awful lot of nervous people in the Sunday Indo who will be writing gushing praise for Mr O Brian this Sunday

    Reply
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    • Cal Mooney 19/04/12 #

      Couldn’t agree more… I wonder if they will stop writing the crap they write every week acting as a propaganda vehicle for FFG/Labour … doubt it!!!!!!!!!!!
      Every 3 months they say that the property crises is over, and that we should all buy houses again. They slam the 1916 volunteers every week, and pine for return to British rule on the Island. They supported the Iraq war, afghan war, and belittle Argentinas claim to the Falkland Islands. They are anti-Palestinian in their editorials and never say one good word about the peace process in the North.
      Will this sacking make one bit of difference to the paper?? If not, i still wont buy it.

      Reply
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    • Continent Simian 19/04/12 #

      It’s the Indo.

      They won’t be writing about Mr. O’Brian, they’ll be writing about (unproven) public reaction to Mr. O’Brian.

      It’s never “Event occurred”, but always “Outrage over event occurred”. :-/

      Reply
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  • Fagan's 19/04/12 #

    “It’s Payback Time.”

    “In the 1997 general election, it endorsed Fianna Fáil under a front page editorial, entitled “It’s Payback Time”. While it suggested its headline referred to the fact that the election offered a chance to “pay back” politicians for their failings, its opponents suggested that the “payback” actually referred to its chance to get revenge for the refusal of the Rainbow Coalition to award the company a mobile phone licence.[3] Tony O’Reilly disputes this claim.” Wikipedia

    Gavin your policy of hiring people like Willie o’Dea, Celia Larkin and all the children of the Harris and Fanning families took a once decentish paper and made it a Red Top Broadsheet. Well done on trashing it and Media standards in Ireland. Young Murdock and yourself should go for a few Mojito’s and talk it over.

    Reply
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  • Brian 19/04/12 #

    If this means that Barry Egan won’t be churning out any more atrocious ‘world exclusives’ on Z-list celebrities every Sunday then I’m all for it

    Reply
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    • limofax 19/04/12 #

      I hope Barry Egan goes to the Wexford Echo! He’d be deadly at entertaining us with his chummy,intimate,edgy and often hilarious interviews with our local celebs. His articles could recall wild night outs with the likes of Miss Wexford Creamery, flirting with each other under the bridge while doing shots of cans of Dutch Gold! The glamour he could bring.

      Reply
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  • Martin Smith 19/04/12 #

    As an ex employee of the indo who was part of the 250 staff made redundant in 2004 i am delighted to see the end of the o reilly reign.They used the paper to push their agenda of support for aherne during the celtic tiger.I bet Anne Harris is delighted she wrote that pile of crap in last weeks sindo uligising about the O Reilly family nice epitath …I hope O Brien continues the purge and removes the nepotism that is rife in the editorial rooms of the sindo and return the paper to what it once was a newspaper and not the toy of o connor,harris,fanning and any ff td or ex girl friend of aherne.And before we hear anyone complain about control of media in one persons hand think back to o reilly and the tribune,star,independent,evening herald,the london independent,belfast telegraph,sindo,and the loan of money to the Irish Press during the 8os all run by one family…Its a great day for independent newspapers and a very nervous day for all the o reilly loyalists….

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  • Fagan's 19/04/12 #

    Eoghan Harris is rumored to be quitting. He is going to set up the Official Sunday Independent. 35 pages of why the Provo’s were out to get Bertie. FG are a cult and why didn’t the Labour Party ex-stickies listen to him.

    Reply
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  • Martin Smith 19/04/12 #

    Watch out for the 32 page pull out highlighting all the great things o reilly did for Ireland

    Reply
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  • Diarmaid Twomey 19/04/12 #

    And so it begins…..

    Reply
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  • David Rochford 19/04/12 #

    Maybe now they will turn the Evening Herald around. I remember a time when it was a newspaper and not a competitor to Hello, OK and The Daily Mail. Although, who on earth is buying an evening paper any more?

    Reply
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  • ☀Fornication Rules☀ 19/04/12 #

    All I wanna know is who bought the shares ????

    Reply
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  • Matthew Nugent 19/04/12 #

    Brenny O’Connor – bet he’ll write nice things about Mr O’Brien this weekend….

    Reply
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  • John Mc Carthy 19/04/12 #

    Is this the dawn of a “monumental” shift for Irish media?
    For a long time it was a Tabloid printed on a Broad Sheet!

    I was sick to the teeth of a lot of the supposed “journalists”
    They were obsessed with either themselves or putting forward their own collective agenda which resulted in journalism standards being ignored & thrown out the window
    “They were in effect the news” not reporting news, we are the news
    Remember Harris on the Late Late championing Bettie before the 07 Election to the Nation!

    I am not a huge fan of Denis O’Brien but I have to say I am happy someone is willing to “hopefully” change things and this will result in better Journalism plus not the Z list, BS that is churned out

    Reply
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    • paul mc 19/04/12 #

      You seem to be confused.

      1) This is over ownership of the group, not editorship of the Sunday Independent.
      2) O’Brien is not taking control of INM, it’s gone to Vincent Crowley who has been working alongside the O’Reillys for 20 years.

      Reply
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    • Martin Smith 20/04/12 #

      Paul MC as somebody who worked for the Indo and met TDS and party leaders been ushered up to see o reilly i would say you have no idea how the o reillys operated.O Reilly did hire them as he was Managing Director when Fanning was appointed to the position of Sindo Editor and the papers were his mouth piece…He signed the cheques and agreed the terms and conditions of their employment.Maybe we might actually get a true picture of Tony O Reillys influence in political circles and blow away the supposed sucessful business man that the indo pedalled every agm.Least we forget he was chairman of Eircom,Waterford Crystal,Kerrygold and recently the Indo..My question is were are these once sucessful Irish businesses now.Yes bankrupt

      Reply
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  • Sean 19/04/12 #

    Can you give us some insight here?

    Like what are the consequences of this?

    Reply
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  • Frank2521 19/04/12 #

    OI Brian is a dangerous man. Ruthless like his pal Lowery. The real story of the licence granted will never be told now. Lowery allowed O Brian to run cables down the railway tracks and use public buildings like hospitals , Fire Stations , Garda Stations, ESB sub offices etc for his gain. The other tenders did not get this huge advantage in tendering. Inside information from Lowery and they walk off into the sunset. Now I Brian is back for more – wait and see.

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  • Caroline Molloy 19/04/12 #

    Does this mean no more gratuitous cleavage shots in the Salpa on Sunday?

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  • Dexter Gordon 20/04/12 #

    Worst of all, that rat Eoghan Harris writes for them.

    Reply
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  • Betty Bestie 20/04/12 #

    Yes, the O’Reillys were/are undesirables but I agree with commenter who says O’Brien is dangerous, a predator – his charitable activities a smokescreen. Out of the frying pan into the fire. However, since more people are rejecting print media in favour of the internet, all is not lost.

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  • Frank2521 19/04/12 #

    Sorry my sincere apologies it was posted – I didn’t recognise the picture as it was a Journal sign not my usual trumpet player. Sorry.

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  • Frank2521 19/04/12 #

    Does Anybody associated with O Brien own part of the Journal?

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  • Frank2521 19/04/12 #

    Why not post my comment – it is truthful and why are you afraid of O Brien?

    Reply
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    • Susan Daly 19/04/12 #

      Excuse me? What comment? I haven’t deleted any comments of yours on this article. If you have included a swearword, it may well have fallen foul of an automatic filter. If that is the case, please try posting it again without that.

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