If there was one thing Eircom did not need as it sought to escape the glare of the front pages and the probing of its small shareholders, it was the loss of a key executive.

Malcolm Fallen's decision to call it quits and head back to Britain without even the chance to avail of the option scheme which proved so divisive at the company's recent annual meeting came out of the blue.

Quite what Alfie Kane, his boss, knew or made of it we may never know but you can imagine the words "Et tu, Brute" crossing his mind.

Still all is not doom and gloom. At least the departure leaves the way open for Mr Kane and his team to recruit someone who can concentrate on taking the company forward in a fast-moving sector without the memory of the roasting given to management by disgruntled investors.

Mind you, if he does not manage to attract someone of the right calibre to the job, the future for Eircom's shares will be even bleaker than they are under the KPN/Telia overhang.