The chief executive of troubled telecommunications company Stentor, Mr Patrick Cruise O'Brien has resigned. A company spokesman said all the original board members had now stepped down.
The resignation of Mr O'Brien, who is a son of Dr Conor Cruise O'Brien, was widely anticipated. His position is thought to have become increasingly untenable as the full extent of the company's dire financial position became apparent.
Stentor has accumulated debts approaching £14 million, but recently announced some details of a bail-out which will entail restructuring of the debts, a cash injection of up to £8.5 million and a dilution of the shareholding.
Company secretary Mr Paul O'Brien confirmed last night that Mr O'Brien had submitted his resignation yesterday afternoon - with immediate effect.
Mr Gerard O'Keeffe, Stentor's chief operating officer, has been appointed chief executive. Formerly director of technology, Mr O'Keeffe looked after the development of the networks.
Mr O'Brien said Stentor would shortly be announcing the appointment of a chairman and a finance director as well as a non-executive director.
Last month Stentor chairman Mr Dan O'Neill stepped down. This followed the resignation of finance director Mr Cormac Lucey earlier last month. The resignations were preceded by two others - executive director Mr Richard Donwart, and a Mr James Valentine, a non-executive director.
Although Stentor was said to take a very professional approach to its work, industry sources were questioned the extent of the company's business. It decided to concentrate on the call centre market, but although this sector can provide millions of billable minutes, margins are extremely tight.
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