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Gavin O’Reilly has resigned as CEO and executive Director of Independent News & Media PLC (INM) following a board meeting in Dublin today.

He will be replaced with immediate effect by chief operating officer Vincent Crowley who previously held the position of Chief Executive of INM (Ireland).

O’Reilly’s departure follows a compromise agreement approved unanimously by the board of directors.

In statement announcing the decision O’Reilly said that ‘recent and public shareholder tensions were proving an unnecessary distraction for both me and the company’.

O’Reilly had been with the company since 1993 and has held various senior management roles. He was appointed CEO in May 2009.  O’Reilly today also resigned as non-executive Chairman and Director of APN News & Media Limited (APN) in which INM holds a 29.5% equity stake. 

O’Reilly said following his decision to leave that he believes that change was needed within INM’s management team to adapt to challenges facing the company,

“The board and I agreed that what the Company needs now is a board, management team and shareholder base that is purposefully unified and aligned for the Company’s immediate challenges and for the many opportunities that exist in the future,” he said.

The O’Reilly family have held control of the publisher since the 1970s but tensions over O’Reilly’s position have increased since Denis O’Brien began increasing his shareholding. O’Brien now holds the largest share in INM and has been vocal in his desire to see O’Reilly replaced as CEO.

Commenting on O’Reilly’s departure, James Osborne, Chairman, INM said, “Gavin has led the Company with considerable skill and talent, especially through the very complex restructuring in 2009.  Gavin leaves by mutual and amicable agreement and has the great appreciation of the Board and that of his colleagues. On behalf of all of INM’s stakeholders, I wish to thank Gavin for his contribution to the business.”