Mr Quinn said in a statement that his decision was based on his need to concentrate in the short term on Quinn family interests outside of Quinn Group Limited and in particular on the interaction of these interests with Anglo Irish Bank.
He also stated that he wanted to avoid any potential conflict of interest associated with the proposed sale of Quinn Insurance.
He added 'After 37 years of sustained development Quinn Group Limited has a mature, professional and skilled executive as well as a very experienced and independent Board.
'The group is extremely well invested and is strongly positioned to meet all of the challenges ahead.
'The Group management and staff in all areas are second to none as has been demonstrated in recent times.
'For now I want to concentrate on Quinn family interests outside of the group and bring all outstanding matters to a satisfactory conclusion in that regard'.
Quinn staff to meet ministers
Meanwhile, staff representatives from Quinn Insurance are to hold further meetings with ministers Batt O'Keeffe and Brendan Smith next week as part of their campaign to limit the number of job losses in the company.
Speaking after a meeting today in Cavan, staff representatives said they had put a number of questions to Minister O'Keeffe for clarification.
They were also highly critical of the role of the Financial Regulator and his handling of Quinn Insurance.
