Conrad Black to stand down

Hollinger International chief Conrad Black, owner of the Daily Telegraph, agreed to resign today after admitting he and other executives had received unauthorised secret payments amounting to £19m (€27.19m).

Lord Black also indicated he may be willing to sell the newspaper group.

He has appointed investment bank Lazards to look into the future options for the group, including the sale of some or all of its titles including the Daily Telegraph, the Sunday Telegraph, the Spectator and the Jerusalem Post.

Lord Black said the £19m (€27.19m), which was uncovered after an independent investigation into the company, would be paid back with interest.

Hollinger International admitted on Friday night that payments received from rival publishers had not been authorised by the board or disclosed to shareholders.

The newspaper tycoon will step down as chief executive on Friday, as will the chief operating officer, David Radler, and corporate counsel Mark Kipnis.

Lord Black will remain on the Hollinger International board as non-executive chairman and devote his time to looking at strategic alternatives for the group.