Mr Peter Malone has stepped down as chairman of Bord na Móna. Mr Malone, who has held the position for slightly less than a year, cited personal reasons for the move.

He tendered his resignation in writing to the Minister for Communications, Marine and Natural Resources, Mr Ahern, yesterday, informing fellow directors at the State-owned company soon afterwards.

A former chief executive of the Jurys Doyle hotel group, Mr Malone joined Bord na Móna in October last year after Mr Pat Dineen retired.

Mr Malone's time in the chair has coincided with a period of upheaval at the company, which recently sought a Government mandate to go private, following consideration of a stock exchange flotation. Mr Malone is believed to have strongly supported the proposal. However, it was unpopular with unions at the company, with SIPTU expressing opposition forcefully.

It is thought that the company's directors favour ownership by institutional investors or venture capitalists, with a significant shareholding retained by management. A share-option scheme for workers would be part of the new strategy.

Mr Malone retains a directorship at Jurys Doyle and is also chairman of the National Roads Authority.