– IRELAND, Dublin – Independent News & Media PLC (INM ID, INM LN) announces that its Chairman, Leslie Buckley, has informed the Company that he will be stepping down from his position at an Extraordinary General Meeting of the Company to be held in Dublin on 1 March, 2018. Allan Marshall, non-executive Director, will also retire from the Board on that date.
INM also announces the proposed appointment of four new non-executive Directors, namely John Bateson, Fionnuala Duggan, Murdoch MacLennan and Seamus Taaffe, to its Board.
About the proposed Directors
INM’s Chairman, Leslie Buckley, said: “I have taken the decision to retire from the Board in March after five-and-a-half years as Chairman. I would like to thank my Board colleagues, the INM Management Team and all the great people who work for the Company for their support during what has been an eventful and challenging time for both the Company and for the Irish newspaper industry as a whole.”
“I have great confidence in the Company’s future and am delighted that Fionnuala, John, Murdoch and Seamus have agreed to join our Board. All four bring an enviable record of experience and expertise in newspapers and publishing, digital and the wider corporate world which will strengthen INM’s Board at a time when we are facing rapid change and exciting new developments in our industry. These appointments will restore the Board to full strength and ensure that the Board and its key committees can meet the composition recommendations of the UK Corporate Governance Code. I would also like to take this opportunity on behalf of the Company and the Board to express my gratitude to Allan for his extremely valuable and positive contribution to INM over the last five-and-a-half years.”
The Board of INM thanked Leslie Buckley for his leadership of the INM Board and his contribution to the Company since his appointment as Chairman in 2012. “Leslie has been a very strong leader of INM’s Board during what has been a difficult and challenging period for the Company at a time of great change in our industry. He has shown great fortitude and resilience in guiding the Board during this time and leading INM’s strategic efforts to prepare for the challenges that lie ahead. We note in particular, the very strong financial base INM now has following his term as Chairman. The Financial Restructuring led by Leslie in 2013 has cleared a legacy deficit in excess of €430 million, to a position today, where the Company has a cash surplus in excess of €90 million.”
Mr. Buckley’s successor as Chairman will be announced shortly after the EGM.
For more information : http://www.inm.ie
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