A cruel market reaction on Friday to news that Sir Tony O’Reilly is to retire as chief executive of Independent News & Media: shares in the Irish publisher jumped 80 per cent at the opening.
But then put that in context:
- the price moved from €0.102 to €0.185.
- the stock had fallen 80 per cent already this year alone and once stood at €3.83.
- Sir Tony will be going on his 73rd birthday.
Also of significance is the fact that Sir Tony is being succeeded in a “designate” sense by, er…, his son, Gavin O’Reilly.
The O’Reilly family own 28.5 per cent of the group, but various bits of INM are up for sale ahead of a €200m bond repayment due in May.
Still, O’Reilly snr has achieved much in his career. We should record the salute from INM chairman Brian Hillery:
Tony’s retirement marks one of the most remarkable executive careers in Irish history. Tony has been a significant business leader for more than 45 years and has been a key figure in the making of modern Ireland. Tony can be immensely proud that from modest beginnings 36 years ago, he has helped to build a truly global communications business. When Tony first invested in a local Irish newspaper operation back in 1973, it had a turnover of €12m. From that starting point, he immediately applied - with his colleagues - his flair, vision and enormous energy to create a €1.5 billion worldwide communications group.
Today, thanks to Tony’s talents and efforts and with his collegiate-style of leadership, INM has operations across four continents, 22 countries - and serves over 100 million consumers each and every week. Recognising his unique contribution and as the architect of the Group that we know today, the Board has deservedly and unanimously named him President Emeritus.
Related links:
Man in the News: Anthony O’Reilly - FT
