The Irish Times Trust chairman Major T.B. McDowell today announced his decision to retire.
His departure coincides with significant changes in the corporate governance of the Irish Times Limited.
His retirement will change the decision-making process within the company.
The eight-member Board of Trustees will no longer provide the majority of directors for the board of The Irish Times Limited.
In future, a maximum of three trustees will sit as directors on the board of The Irish Times Limited.
Major McDowell's "A" share allowed him to outvote all other directors combined in any motion to remove him from office.
The activity of the Board of Trustees will also be scaled back. From next year, the Board of Trustees will meet bi-annually rather than monthly, as as present.
A new chairman of The Irish Times Trust will be appointed from within the company in the next three days.
Experienced non-executive directors will be appointed - some from outside the company - to replace the trustees on the Board of Directors.
Major T.B. McDowell’s retirement will lead to the reclassification of the "A" share - a matter on which the company is taking legal advice. It is envisaged the "A" share will have the value of a normal share.
In recognition of his service to The Irish Times,Major T.B. McDowell has been awarded the title of President for Life of the Irish Times which is a non-voting, non-salaried position.
The Irish Times Limited is run by a board of directors. Two of these, the editor and the managing director, are automatic members. Currently there are eight trustees on the board which can have between six and 17 members.
Major T.B. McDowell joined the company in 1962 and retired as chief executive in 1997. He was instrumental in the foundation of The Irish Times Trust in 1974.