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File photo of Gavin O'Reilly. Graham Hughes/Photocall Ireland archive

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

Family visits and a holiday are in the offing… However, INM re-releases its statement today to remove the word ‘unanimous’ from the directors’ decision on the deal O’Reilly received on departure.

THE NEWLY DEPARTED Chief Executive of Independent News and Media said today that he was making time for his family – and a holiday – after his surprise resignation from the company’s board.

Gavin O’Reilly stepped down as CEO and as an executive director of INM yesterday. While tensions had been running high because of a perceived bid by 22 per cent shareholder Denis O’Brien to take control of the direction of the company, the issue of O’Reilly’s seat at the head of the board had not been expected to come to crunch point until the June AGM.

Yesterday, however, O’Reilly said in a statement that it was time for him to “pursue new opportunities” and that the “shareholder tensions (at INM) were proving an unnecessary distraction for both me and the Company”. Vincent Crowley, a longtime employee at INM and most recently its Group Chief Operating Officer, took over as CEO with immediate effect.

Freelance journalist Vincent O’Dowd spoke to Gavin O’Reilly this morning and asked him about his plans for the future. O’Reilly would only reveal his very immediate plans – to have breakfast with his daughters, go see his family in London and then go on a holiday. He also said he was pleased that Vincent Crowley is to be his successor.

In an interesting turn today, INM re-released its press release which had confirmed the management moves yesterday. Yesterday, the release said that O’Reilly’s departure had been “unanimously approved by the Board of Directors”. Today, the statement has the word “unanimously” removed from it:

RTÉ News is reporting that it believes that directors Lucy Gaffney and Paul Connolly both voted against the deal which saw O’Reilly leave with an exit package. The terms and amount of O’Reilly’s financial handshake on departing the company is not known.

- additional reporting by Vincent O’Dowd

Read: Gavin O’Reilly steps down as CEO of Independent News and Media>

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9 Comments
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    Mute Fagan's
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    Apr 20th 2012, 6:23 PM

    I presume he signed on.

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    Mute Oskar Fritsche
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    Apr 20th 2012, 6:43 PM

    Hmmm Denis O’Brien behind this not Surprising at all,.

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    Mute John
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    Apr 20th 2012, 8:36 PM

    What has happened to the Moriarity Tribunal report since Kenny referred it to the DPP?
    FG’s ‘friend’ D.O’B is now potentially in a position to influence public opinion to a degree which is at odds with a properly functioning Democracy…and it has been financed on the back of his ESAT consortium’s ‘success’ in the mobile licence bid overseen by a FG Minister…and we ‘laugh’ at the likes of Zimbabwe?!

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    Mute Martin Smith
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    Apr 28th 2012, 10:40 AM

    Gavin O Reilly a high achiever dont make me laugh….Helps when daddy was chairman of the group… Think you call that nepotism

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    Mute Paul Breen
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    Apr 20th 2012, 9:31 PM

    He did great to work his way up from nothing. We need more high achievers like him.

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    Mute tom_cos
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    Apr 21st 2012, 12:46 AM

    Nothing?! His exceptionally wealthy father and Heinze CEO Tony O’Reilly got him a plum job in the Indo group 20 years ago, he started out managing the Independent Directory, then got promoted all the way up. Nothing my arse – he was Daddy’s boy and was groomed.

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    Mute Caoimhe Clery
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    Apr 21st 2012, 9:24 AM

    @tom I would presume that @paul breens statement was ironic :-P

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    Mute Laura Crowe
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    Apr 20th 2012, 9:57 PM

    Who is the guy on the photo ? A different picture of the same person was posted with yesterday’s article on the journal.ie when the story broke attributed as being Vincent Crowley.

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    Mute Brian Lenehan
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    Apr 21st 2012, 7:11 AM

    Well, I assume it wasn’t unanimous if he himself didn’t vote for it? And he’s on the board so he would have had a vote.

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