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Denis O’Brien tightens hold on Independent newspapers as chairman fired

DARA KELLY,

IrishCentral.com Staff Writer

Published Sunday, June 10, 2012, 9:03 AM

Updated Sunday, June 10, 2012, 9:03 AM

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Denis O'Brien

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Majority shareholder Denis O’Brien has tightened his grip on Independent Newspapers, Ireland’s largest media chain after ousting two directors, including the chairman from the board of INM.

O’Brien, in conjunction with fellow dissident shareholder Dermot Desmond, used their increased ownership clout to remove members nominated by the family of former CEO Tony O’Reilly.

The board of Independent News & Media (INM) dismissed Chairman James Osborne and Chief financial Officer Donal Buggy, who were voted out of office by shareholders.

The two were relieved of their duties at the company’s AGM on Friday in Dublin. INM Chief Executive Officer Vincent Crowley told the Irish Times that despite the major changes, those left on the board are working as a cohesive unit.

Osborne assumed the role of chairman last fall, and his board had asked shareholders to give all of them another term except for non-executive director Paul Connolly.

Connolly and Osborne were not in agreement over the pay package awarded to former CEO Gavin O’Reilly, who was relieved of his duties in April.

Osborne wanted to award O’Reilly an exit package of some €1.9 million, but Connolly, who has the backing of majority shareholder Denis O’Brien (some 30%), was against this and has started legal proceeding against it.

After the shareholders had their say – led by O’Brien – Osborne and Buggy were voted out and Connolly was returned to his role.

In a statement released via his lawyer, O’Brien called for the company to take a new direction.

"I believe it is of the utmost importance for the company, its shareholders, its employees and its assets, that urgent, radical restructuring is undertaken immediately,” he said, according to the Irish Independent.

That said, the billionaire is standing firmly behind the board’s new leadership.

“The new chief executive Vincent Crowley has my total confidence," added O’Brien in the statement.

Nster.com

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VonLiebenitz | Jul 19, 2012, 12:34 AM EDT

Obrien is a nasty piece of work.His ties with the leading party are all too apparent and his lust for power and dominance is there for all to see.Ireland doesnt need its own Rupert Murdoch spilling out sensationalist filth and state propaganda.His job is to keep the sheeple amused and in synch with the party line and to vilify ordinary decent folk that refuse to pay the criminal household charge.Shame on you Mr Obrien.What right does a tax exile and billonaire have to lecture to the country or to anybody about some bs fiscal responsibilty to pay back a debt that was never ours in the first place?Where is the rage and howling gut wrenching anguish at this flagrant injustice?Shame on the Irish people for sitting down and doing nothing.Ah they love to wax lyrical about their revolutionary prowess but when it comes down to it the neutered middle class are more interested in maintaining their parasitic monopoly than in doing something about the injustices that hit the working class primarily.And the working class are drunk and despondent and too busy watching xfactor or fair city to take notice or do anything about meanwhile the lower working class dont vote at all.And who can blame them?But Blame them i will.Any vote against the opposition counts even if they are going to win anyway.At least you can say you tried as much as a vote counts in a two party fixed system.At least you can say you tried.The maybe next time who knows.We might get a majority or more representatives in the Dail?Hmmm?Slow but gradual and inevitable change is better than none at all.You all make me sick.

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seanomelb | Jun 10, 2012, 06:59 PM EDT

aloismartin needs psyche help real soon.I've never read such a load of drivvel.

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aloistmartin | Jun 10, 2012, 05:54 PM EDT

Textbook Bipartisan Capitalism ! Are Thee People even capable of discriminating against a Political System, that favors Slumlords, Speculators, and Avarice; Before Temperance, Compassion, and Utility ? Shame on you, Isle of the Saints ! Unlike the altruist, I. don`t subscribe to alternative Media entirely; But the Day Sinn Fein Nationalizes the Irish Media, I. will be among the first to laud the demise of Bourgeois Propagandism ! And that, either o`er Ireland`s Ancient Green Hills, or Anywhere, the Hammer and Sickle may fall !

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Bythebay | Jun 10, 2012, 05:06 PM EDT

O'Brien is US resident, can obviously support the Irish immigration centers in the Bronx which are begging for money.

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