Chairman Osborne defeated in INM vote
The chairman of the board of Independent News and Media has been voted off at todays AGM in Citywest in Dublin.
James Osborne had only become chairman of INM last October.
It is understood the main shareholder at INM, Denis O'Brien, who owns just less than 30% of the company, voted against his re-appointment.
The chief financial officer Donal Buggy has also been voted off, leaving just four directors on the board.
Paul Connolly has retained his seat. The outgoing chairman Sean Osborne had recommended that shareholders vote against him after Mr Connolly took court action to stop a €1.87m payout to Gavin O'Reilly on his departure from INM.
“Shareholders have today strongly backed my re-election to the board, despite a recommendation urging them not to do so,” said Mr Connolly.
“I am very grateful for the level of support shown to me from across the whole shareholder base and look forward to supporting the new chief executive and his management team in creating a new and stronger INM.
“This vote is a clear indication that shareholders in our company strongly believe in upholding the highest standards of corporate governance.”
Shareholders were told today that Independent News and Media is to relocate its head office from Citywest to Talbot Street in Dublin.
The London office will also close.
