The group CEO of Irish incumbent Eircom, Paul Donovan, will step down from his position at the end of the year.
In a statement, Eircom said that Donovan will be leaving for personal reasons. He will stay on until 31 December.
The company said: “This…
The group CEO of Irish incumbent Eircom, Paul Donovan, will step down from his position at the end of the year.
In a statement, Eircom said that Donovan will be leaving for personal reasons. He will stay on until 31 December.
The company said: “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.”
The Irish incumbent has faced long-running uncertainty over the need to restructure its €3.75bn (US$4.9bn) debt.
Earlier in March, the company’s first-lien lenders agreed to take over the company, while also writing off a proportion of the debt they are owed.
The Irish Times reported today that Eircom’s board is likely to make a decision tomorrow on putting the company into examinership. This is the Irish equivalent of US Chapter 11 bankruptcy protection.
