Eircom chief executive Herb Hribar has stepped down from his role at the telecoms group.

Group financial officer Richard Moat has been appointed as acting chief executive with immediate effect, according to the company, as the board begins the process of finding a permanent replacement.

In a statement, Eircom said Mr Hribar had decided not to renew his contract with the company and was leaving the role as a result.

Chairman Padraig McManus thanked Mr Hribar for his work in the role and said he had led Eircom through “a critical juncture of our transformation” and had “tirelessly dedicated” himself to the company.

“I wish Herb all the very best for the future on his return to the United States,” he said.