The Irish-based newspaper publisher, Independent News & Media (INM), has appointed a former Tesco executive, Robert Pitt, to be its chief executive. The experienced supermarket executive will take up the position in the autumn.
Pitt, a 43-year-old Irishman, is currently chief operations officer of Tesco in the Czech Republic and previously held senior management positions with Lidl.
He replaces Vincent Crowley, who left in May, and has much to do at INM, an indebted group that has been contracting for years since its peak under former chairman and chief executive, Tony O'Reilly.
It remains Ireland's biggest newspaper group, owning the country's two largest-selling titles, the Irish Independent and Sunday Independent, plus the Belfast Telegraph. It also has a 29% stake in Australian media group APN.
Belatedly, INM has been building an online audience in order to attract digital ad revenues, which rose 18% year-on-year in its last report. It has avoided erecting a paywall.
Since Crowley departed, the company has been run by a sub-committee of its board: chairman Leslie Buckley plus three non-executive directors, Triona Mullane, Allan Marshall and Terry Buckley.
INM is controlled by Denis O'Brien, Ireland's richest man. Since taking control, he has sold off various assets, restructured the group and replaced the former management.
He also owns Ireland's largest network of commercial radio stations through his company Communicorp.
Pitt will doubtless meet his predecessor because Crowley has been appointed chairman of the industry's trade body, the National Newspapers of Ireland.
Sources: Financial Times/Irish Independent/Irish Times (1) and (2)/NNI
