Independent News & Media is to separate the role of chairman and chief executive in the next 12 months, executive chairman Tony O'Reilly told shareholders at today's annual general meeting of the company.
The decision follows a meeting with the Irish Association of Investment Managers (IAIM) which expressed its dissatisfaction with the exisiting situation
O'Reilly also announced the appointment of UK Labour Party peer Baroness Jay to the company's board, and promised the appointment of further independent non-executives over the next two years.
The IAIM's chief executive Anne Fitzgerald said the association welcomed the decision which followed commitments received from O'Reilly at a meeting in April. It is understood the IAIM is seeking a meeting to discuss boardroom changes at Waterford Wedgwood, which is also chaired by O'Reilly.
O'Reilly said a sub-committee of the INM board will make recommendations on the next chairman and chief executive in due course.
His son, and the company's chief operating officer, Gavin O'Reilly refused to be drawn on who would become chief executive, but said he would be happy to serve in the role.
Gavin O'Reilly also indicated that the company was unlikely to make any major acquisitions over the medium term. He said shareholders seemed happy with the company's newly fortified balance sheet, and said he was happy with the current asset pool.
The company has agreed a new set of financing arrangements with its banks which mean there will be no major financing requirements for the next five years.
Shareholders also heard that INM this morning signed a €588m five-year agreement with its nine banks, replacing its current agreement. INM has also issued NZ$224m Cumulative Exchangeable Preference Shares in New Zealand.
INM's shares closed five cent higher at €1.50 in Dublin.
