Independent News & Media CEO To Leave Friday After Sudden Resignation

LONDON (Alliance News) - Irish newspaper publisher Independent News & Media PLC said Thursday ...

Alliance News 12 October, 2017 | 5:23PM
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LONDON (Alliance News) - Irish newspaper publisher Independent News & Media PLC said Thursday that Chief Executive Robert Pitt has resigned to pursue other interests.

Pitt's resignation is effective from Friday. The company gave no further information regarding CEO succession plans.

In late November 2016, the company confirmed a media report that an issue had arisen between its chairman and its chief executive over a possible acquisition by the newspaper publisher. That came after The Irish Times reported that Robert Pitt and some directors, including Chairman Leslie Buckley, had clashed over group strategy, including over the time it is taking for the business to make acquisitions.

In its last trading update in July, Pitt said ongoing challenging trading conditions across all media and the accelerating move to digital, particularly mobile, will weaken the overall results for the company in 2017.

Shareholders are not sure what to expect for the full year, as Pitt said in July that uncertainty from Brexit, legal costs and the impact of a very punitive defamation regime mean that it is prudent to adjust full-year expectations.

Shares in the company closed at 0.10 pence, up 2.6% on Thursday.

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Independent News & Media PLC 0.11 EUR 0.94 -
Independent News & Media PLC 0.11 EUR -0.91 -
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