Investor Relations
News Detail
INM appointment announcement
Independent News & Media PLC ['INM'] is today, June 5th 2002, pleased to announce the appointment of Mr. James Parkinson as Chairman of APN News & Media Ltd ['APN'] (Independent's 44.55%-owned Australasian subsidiary) and the appointment of Mr. Donal Buggy as Chief Financial Officer.
In his new role, Mr. Parkinson will have special responsibility for, and oversee, INM's A$845 million investment in APN, in particular it's finance and strategic corporate development, and will remain as an Executive Director of INM. APN is INM's largest division with turnover of A$1 billion (€610 million), operating profits of A$200 million (€123 million) and a market capitalisation of A$1.65 billion (€1.0 billion).
Mr. Buggy assumes the senior finance role replacing Mr. Parkinson who has held that role since 1985. Mr. Buggy is a chartered accountant who has held the role of Group Financial Controller since he joined the Group in 1996 from PricewaterhouseCoopers. Mr. Buggy joins the Board of Independent News & Media with immediate effect.
Commenting on these management changes, Independent's Executive Chairman, Sir Anthony O'Reilly said:
"The appointment of James Parkinson as Chairman of APN is a timely move. There is a great deal of change underway in Australia in respect to media legislation, particularly the media ownership rules. The new management changes will be of particular significance in this regard.
"The Board is also very pleased to promote Donal Buggy to the role of Chief Financial Officer. He is very highly regarded, an absolute professional and the ideal person for the job."
Ends Wednesday, 5th June 2002
For Reference:
Jim Milton/Pat Walsh, Murray Consultants Ltd, Tel: 00-353-1-632 6400
