Crowley to step down as INM chief executive

Vincent Crowley is to step down as chief executive of Independent News & Media (INM) and to resign as a director of the company, INM said in a statement.

Mr Crowley will depart INM on May 31 unless an earlier date is agreed, the statement said.

He willl continue in his existing role while INM searches for a new CEO, the process of which will begin immediately.

“My focus as CEO of INM over the past two years has been to restore financial stability and to restructure and reposition the company for growth across multiple platforms," Mr Crowley said.

"With the support of a wide range of stakeholders, substantial progress has been made over recent years; net debt has reduced from €440m to approximately €118m, divestments of over €150m have been achieved and INM’s cost and operational base have been transformed.

“I believe INM is now well positioned for an island of Ireland recovery."

A chartered accountant by profession, Vincent Crowley joined INM in 1990. He was appointed Group CEO in April 2012 having served as Group COO since November 2009. He had previously served as Chief Executive of Independent News & Media (Ireland) since 2002 and prior to that as CEO of APN. He was appointed to the APN Board in March 2009.

“On behalf of the Board and shareholders of INM I wish to thank Vincent for his leadership and support and to acknowledge the very substantial progress made by INM under his stewardship," INM chairman Leslie Buckley said.

INM’s annual results for 2013 will be published on March 13. The company said they are expected to be in line with market expectations.