Bus Éireann Chief Executive Ray Hernan is to step down from his role "in the coming months", according to a statement released by the company today.

The statement added Mr Hernan will "take on a senior role in another company".

Mr Hernan joined Bus Éireann in November 2016 as Chief Financial Officer, before becoming CEO in January 2017.

He oversaw a significant restructuring of the company that last year led to a three-week strike over threatened cost reductions amid fears that Bus Éireann was close to insolvency.

A Labour Court recommendation, subsequently accepted by unions, introduced significant cost reduction measures including 240 redundancies, more efficient rosters and a composite pay rate.

The announcement of Mr Hernan's departure comes as Bus Éireann management and unions are in the middle of talks about pay rises, despite the fact that the company is still in a fragile financial situation.

Bus Éireann Chairman Aidan Murphy said Mr Hernan led the business "through an exceptionally difficult period in our trading history.

"He made a valued contribution by working closely with the Board to take, and implement, the very difficult decisions required to stabilise the financial position of the Company."

Current Bus Éireann Chief Commercial Officer Stephen Kent has been appointed Acting CEO.