APN News & Media chairman Gavin O'Reilly has stepped down from the board as part of an exit from Irish parent Independent News & Media.
O'Reilly quit as chief executive of INM, Ireland's biggest newspaper company, after reaching a compromise agreement with the board amid pressure from dissident shareholder Denis O'Brien, who owns a 22 per cent stake.
INM chief operating officer Vincent Crowley will immediately replace O'Reilly, the company said in a statement. The deal will also see O'Reilly resign as chairman of APN, which publishes the New Zealand Herald newspaper and nzherald.co.nz.
"It had become clear that recent and public shareholder tensions were proving an unnecessary distraction for both me and the company, and this was not in the best interests of the company," O'Reilly said.
"The board and I agreed that what the company needs now is a board, management team and shareholder base that is purposefully unified and aligned for the company's immediate challenges and for the many opportunities that exist," he said.