BIG SHAREHOLDERS WANT INM CHIEF OUT - The Financial Times reports that two large shareholders in Independent News & Media are seeking to oust its chief executive Gavin O'Reilly at its June annual general meeting.
The paper quotes two people close to the company as saying that says Denis O'Brien, INM's largest shareholder with a 22% stake, and Dermot Desmond, who has amassed a 5.75% stake, are both seeking the removal of Mr O'Reilly.
Mr O'Reilly succeeded his father Dr Tony O'Reilly as chief executive of INM in 2009. The FT says his departure would bring to an end his family's 30-year control of Ireland's largest media company.
AIB CHIEFS TO TAKE PAY CUTS - The Irish Independent says it has learned that AIB'S chief executive David Duffy and the bank's other senior managers are to take double-digit percentage pay cuts as part of a wide-ranging cost-cutting plan.
The paper quotes sources as also confirming that the bank is preparing to axe numerous branches across the country as it focuses more heavily on online operations and actively recruiting new senior executives.
The news comes as AIB prepares to unveil its 2011 results next Friday, when it is likely to report loan losses above the €6 billion total it notched up in 2010 (though the latest figure will include EBS for the first time).
The Indo says Mr Duffy took the helm in December and has spent his first three-and-a-half months sizing up its operations and laying the foundations for massive restructuring.
BAGGAGE RULE HITTING BOOK SALES, CLAIMS BOOKSELLER - The Irish Times says the director of an independent Irish-owned book chain has blamed Ryanair's baggage allowance for a drop in sales, saying it is discouraging people from taking books on holiday.
The paper quotes Frank O'Mahony of O'Mahony's Booksellers, which operates four shops and a warehouse in the midwest and southwest, as saying yesterday that demand for holiday reads in summertime had dipped.
"Traditionally during the summer time you would have people buying three or four or five books at a time for holiday reads and we have found that this has dipped dramatically, and I believe the Ryanair baggage allowance is the reason for this," he said.
But the paper quotes Ryanair spokesman Stephen McNamara as dismissing Mr O'Mahony's contention as "complete rubbish".
MEPs COMMITTEE BACKS COMPANY TAX PLAN - The Irish Examiner says the European Parliament's economic affairs committee has agreed that a single method of computing company tax should be applied throughout the EU, and be compulsory for large companies.
The paper says MEPs were divided on the issue up to now but voted 37 to seven that the tax apply to all European cross-border companies when introduced. After five years, the tax would apply to all with the exception of SMEs that could opt in if they wished.
A decision on the common consolidated corporate tax base, proposed by the European Commission, is a matter for the member states to decide and the European Parliament's only role is to express an opinion.
But the Examiner says the MEPs' opinion adds to the pressure on Ireland and other member states that do not favour the common consolidated corporate tax base.