Independent News and Media's chief executive Vincent Crowley will step down from his position and resign as a director of the company over the coming months.

In a statement, INM said Mr Crowley would remain in his role until the process to appoint a new CEO was complete.

As chief executive since 2012, Mr Crowley led the restructuring effort at INM which has seen it raise new equity, sell assets and refinance its debt.

Over that period INM's net debt has fallen from about €440m to about €118m.

"I believe INM is now well positioned for an island of Ireland recovery. I am grateful to the many stakeholders who supported INM's transformation and to my very many friends and colleagues for their support since I joined INM in 1990," Mr Crowley said in the statement.

Mr Crowley joined Independent News and Media in 1990. He had served as group chief operating officer since 2009 before becoming CEO in 2012. He had previously worked as CEO of Independent News and Media (Ireland) and before that as chief of APN.