eircom Group CEO Paul Donovan Today Announces Intention to Step Down at End of 2012
Paul Donovan Group CEO of eircom today announced his decision to step down at the end of 2012 for personal reasons. Donovan will by agreement remain in his role until 31st December 2012. This period will allow for the recruitment of a successor, a smooth transition for that individual and the conclusion of the Group’s planned balance sheet restructuring process.
eircom Chairman Ned Sullivan, commented. “The Board regrets Paul’s decision to move on from eircom at the end of the year. Since joining the company in 2009, real progress has been made to transform the business. A clear strategy now underpins the Group as we progress towards a sustainable future. We understand the reasons for Paul’s decision and wish him well in the future.”
Paul Donovan said “It has been a privilege to lead eircom. The role of CEO requires a new multi- year commitment which I am not in a position to make. In the coming months my focus will be on ensuring that the necessary foundations are in place for a successor to lead the company into the next phase of its development”.
Speaking on behalf of the First Lien Co-ordinating Committee of senior lenders, Peter Marshall MD Houlihan Lokey said “We have been informed of Paul’s decision to leave eircom at the end of the year and we respect it. We are grateful for the leadership demonstrated by Paul and his team throughout the restructuring process.”