Independent News and Media CEO Gavin O'Reilly resigns

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The chief executive of Independent News and Media, Gavin O'Reilly, has resigned from the company with immediate effect - bringing to an end almost 40 years of the publisher being run by the same family.

INM said in a statement that his departure was by "mutual and amicable agreement". He is replaced by current chief operating officer Vincent Crowley.

O'Reilly was appointed chief executive in May 2009, taking over from his father Anthony, having worked in other roles at the Irish publisher since 1993.

INM chairman James Osborne said in a statement: "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."

O'Reilly added: "After 19 eventful years with the company, it is time for me to pursue new opportunities. It had become clear that recent and public shareholder tensions were proving an unnecessary distraction for both me and the company and this was not in the best interests of 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.

"I leave this great company with mixed emotions, and I want to particularly thank my work colleagues and friends across Australasia, Ireland, South Africa and the UK, who I have had the great honour and privilege to work alongside."

INM employs almost 3,000 staff and publishes titles in Ireland, Northern Ireland and South Africa. It sold its main UK daily title, The Independent, to Alexander Lebedev in 2010.