The following statement was issued by the chairman of The Irish Times Ltd, Mr Don Reid, yesterday:
In order to facilitate the restructuring of the boards of The Irish Times Trust Limited and The Irish Times Limited, Major T. B. McDowell has retired as chairman, governor and member of The Irish Times Trust Limited and as a director of The Irish Times Limited and of all of other group companies of which he is a director. He has thus brought to an end nearly 40 years service with the group.
In making his announcement Major McDowell expressed his appreciation to all at The Irish Times who helped him over the years especially between 1962 when he was appointed and 1997 when he retired as chief executive, thereby terminating the special legal powers that he had had. He made particular reference to the governors of The Irish Times Trust, past and present, who contributed unstinting effort to preserve the independence and integrity of The Irish Times, especially in matters editorial.
In referring to the current financial difficulties he expressed full confidence in the ability of management, in partnership with the workforce, to resolve the problems. He also pointed to the fact that the paper had encountered financial difficulties in the past and that these had been resolved through co-operation and the diligent efforts of all involved.
In accepting his retirement The Irish Times Trust acknowledges the huge developments editorially, technologically and commercially of The Irish Times under Major McDowell's leadership and committed itself to ensuring that all necessary steps are taken to preserve the independence, ethos and integrity of the newspaper, to continue to support the board and management of The Irish Times Limited, especially in its efforts to resolve current difficulties, and to maintain the prestigious position of the newspaper in our society which has been created under Major McDowell's leadership.
As a fitting end to his career at The Irish Times, and in recognition of his distinguished and outstanding service, the boards of The Irish Times Trust Limited and The Irish Times Limited have awarded Major McDowell the title of President for Life of The Irish Times Group.