INM chief executive confirms he is to step down

Independent News and Media's chief executive Vincent Crowley is to step down from his position and resign as director of the company in the coming months, it has been confirmed.

He will continue in his existing role until a new chief executive has been selected, the company said in a statement.

Since Mr Crowley took up the post of chief executive in 2012, the group has been restructured in an effort to secure financial stability and grow across multiple platforms.

In the period, the company’s net debt has fallen from €440 million to around €118 million, and divestments of over €150 million have been made.

Commenting on his decision to step down, Mr Crowley said “substantial progress has been made over recent years”.

"I believe INM is now well positioned for an island of Ireland recovery," he added.

Mr Crowley joined INM in 1990 as a chartered accountant. He was appointed chief executive of INM Ireland in 2002, before becoming chief operating officer of INM in 2009. He took up the post of chief executive in April 2012.

INM’s annual results for 2013 will be published on March 13th and are “expected to be in line with market expectations”, the company said in a statement this morning.