Swedish director steps down from INM board
A director of Independent News and Media (INM), Bengt Braun, has announced that he is stepping down from the board.
The Swedish native was first elected to the board of INM in 2010. Last week, Gavin O’Reilly tendered his resignation as chief executive of INM at a specially convened board meeting. He was replaced by Vincent Crowley.
Braun, 65, is the vice-chairman and former chief executive of Bonnier AB, Scandinavia's largest media group. His resignation comes ahead of a key INM board meeting at which strategy and the June AGM business is agreed upon.
Braun said that the allocation of new duties to him in his role with Bonnier was behind his decision to step down from INM.
“Having made that decision, I concluded that I should not be involved in strategic planning on the future of the company at upcoming board meetings and feel that it is appropriate that I should stand down now,” he said in a statement to the Stock Exchange.
"I have enjoyed my time on the Board, despite the very difficult macro-economic climate to which the company has been exposed, and I wish all at INM every success in the future."
O’Reilly’s resignation followed a long-running row with the company’s largest shareholder, Denis O’Brien. Pressure from shareholders, banks and bondholders had been mounting in recent weeks. Crowley will now push through a significant cost cutting programme at the media group.
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