Independent News & Media Chief Executive Robert Pitt is to leave the company with effect from tomorrow, according to a statement from the company.

INM said Mr Pitt "has decided to leave the business, with effect from Friday, 13 October 2017, to pursue other interests".

It is understood INM made a settlement with Mr Pitt, but the terms of the settlement have not been disclosed.

Mr Pitt has been CEO of the company for three years. His salary last year was €404,000.

He was involved in a dispute with INM Chairman Leslie Buckley about a potential takeover of the radio station Newstalk, which is owned by INM's largest shareholder, businessman Denis O'Brien. 

The discussions about a takeover of Newstalk never resulted in a formal proposal to the board of INM but the internal dispute reportedly prompted Mr Pitt to make a whistleblower disclosure to the Office of the Director of Corporate

In March INM confirmed it was complying with a requirement from the ODCE to produce records in relation to the possible acquisition of Newstalk.

At INM's AGM at the end of August Mr Pitt abstained in a vote to re-appoint Mr Buckley to the board of the company. 

Despite the abstention, Mr Buckley retained his position on the board.