INDEPENDENT NEWS & Media is planning to appoint Vincent Crowley as its new chief operating officer, but it is understood that Mr Crowley, who heads IN&M’s operation in Ireland, will not be rejoining the board of the Irish- listed media group.
IN&M executive Joe Webb will take charge of the Irish business.
Mr Webb has spent more than 15 years with IN&M and is the managing director of Independent Newspapers Ireland, the entity that runs the national titles produced at its offices on Talbot Street. Mr Webb’s new role will see him taking responsibility for IN&M’s portfolio of regional newspapers and distribution company Newspread.
The chief operating officer post has been vacant since Gavin O’Reilly replaced his father Sir Anthony as chief executive as part of a deal brokered with IN&M’s other large shareholder, Denis O’Brien. This involved a shake-up of the board, with Mr Crowley stepping aside.
Mr Crowley’s appointment is expected to be announced to the stock market today. When contacted last night, a spokesman for IN&M would “neither confirm nor deny” Mr Crowley’s appointment.
Mr Crowley was appointed chief executive of Independent News Media Ireland in 2002. Previously, he was finance director, and later chief executive, of APN News Media Ltd, IN&M’s Australian associate.
A chartered accountant, Mr Crowley joined IN&M in 1990 and became a director in 1997.
It is not clear if Mr Crowley’s appointment was supported by Mr O’Brien, IN&M’s second-biggest shareholder with a stake of about 14 per cent.
Mr O’Brien has three representatives on the board of IN&M – Leslie Buckley, Lucy Gaffney and Paul Connolly.
Mr O’Brien has been at loggerheads in recent times with INM’s board and the O’Reilly family over the company’s strategy and a €350 million plan to restructure the company’s debt.
IN&M is due to hold an extraordinary general meeting (egm) at the Green Isle Hotel in southwest Dublin today to consider a motion from Mr O’Brien aimed at revoking the board’s authority to issue new shares.
Earlier this week, IN&M’s bondholders gave their approval to a proposal that involved the media company issuing 723 million new shares with a value of €122.9 million.
IN&M also plans to sell its outdoor advertising business in South Africa for €98 million and operate a rights issue to raise €92.2 million in gross proceeds.
Egms to approve both of these resolutions will be held by IN&M on November 26th.
