Thawing of relations sees O’Brien get the changes he wanted

NEWS that Tony O’Reilly is to quit as chief executive of Independent News & Media resulted in a sharp rise in the share price yesterday, which was up over 66%, having been up by as much as 90% in early trading.

The move has been welcomed by Denis O’Brien the second biggest stakeholder in the company, who seems destined to become chairman of the group in the not too distant future.

O’Reilly Snr has been a director of the multimedia group since 1973 when he took effective control of the then family-owned Dublin publishing group.