Tony O'Reilly, the executive chairman of Independent News and Media, has resigned from his position as chairman of the company.
At a board meeting this morning, the former Senator and TD Dr Brian Hillery was unanimously approved as the new non-executive chairman of the company.
Mr O'Reilly remains chief executive of Independent News and Media.
The move to split the roles is in line with best practice recommendations for running publicly quoted companies.
The company's AGM at City West hotel outside Dublin city today also heard strong criticism of successive governments' failure to support cable companies in Ireland. Earlier this year, Independent News and Media wrote off its investment in Chorus, the cable provider.
It blamed the failure of Chorus on the Government's failure to clamp down on illegal deflector operators in the interests of short term political popularity.
Mr O'Reilly told shareholders that the failure of Chorus would impact on Ireland's ability to attract inward capital investment. Chorus went into examinership in January. At the same time Independent sold its 50% stake to Liberty Media, which already owned 50%.
INM also said today that its advertising revenues for the full year should be in line with market forecasts.
'Like for like group advertising revenues have been buoyant in the first six months of this year, and up over 6% in constant currency terms,' the company said in a trading statement released to its AGM today.
It added that its restructuring plan, announced last December, was proceeding ahead of schedule.
INM shares closed two cent higher at €1.95 in Dublin this evening.
