Tag Archives: Tony O’Reilly

Tony O’Reilly

Will Goodbody, of RTÉ, reports:

Providence Resources has today announced that its chief executive Tony O’Reilly has stepped down from the position and has resigned from the board with immediate effect.

Mr O’Reilly has been CEO of the exploration company for more than two decades.

The company said it had started a process to recruit a new CEO to lead Providence in its next phase of development.

A further announcement will be made as soon as this process is completed.

In a statement from chairman of Providence Pat Plunkett, he said:

“Since the foundation of the Company, Tony has been the main driver behind the development of the business and has been passionate in promoting the Company’s role in oil and gas exploration in the Irish offshore sector.

“Over the years, Tony led the Company into partnerships with some of the world’s leading energy companies including ExxonMobil, Eni, Chevron, Repsol, Petronas and Total.

“A major milestone during his tenure at Providence was the successful drilling and testing of Barryroe located in the North Celtic Sea Basin which has provided the Company with a world class development asset which is capable of providing significant shareholder value in the coming years.

“Tony leaves by mutual and amicable agreement and has the great appreciation of the Board for his management of Providence through multiple E&P cycles.

“On behalf of all of Providence’s stakeholders, I would like to thank Tony for his many years of dedication and hard work at Providence and I wish Tony every success in his future endeavours.”

In a statement from Mr O’Reilly, he said:

“After more than two decades with Providence, it is time for me to pursue new opportunities.

“I am extremely proud of all that we have achieved over the years and the key role that our collective team efforts at Providence have played in establishing interest in Ireland’s offshore arena.

“I wish all stakeholders in Providence every success in the years ahead, particularly with the Barryroe Project.”

O’Reilly steps down as Providence Resources CEO (RTÉ)

Providence Resources P.l.c. announces Leadership Change (Stockomendation)

Rollingnews

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Sir Anth Tony O’Reilly

Does my IN&M look big in this?

Chris Whitfield, a former senior editor with Independent News & Media writes:

Tony O’Reilly was angry… very angry. At the time – a few years ago – he was the proprietor of Independent News & Media, which owned the Cape Argus. I was editor of the Argus.

‘Sir Anthony’, as the Irish media baron preferred to be called, had let it be known that he was not happy about a photograph we had used in the newspaper that day. The story was something or other about his plans for Independent Newspapers.

The picture, a smallish mugshot, was of him. He didn’t like it because he looked fat. O’Reilly had apparently shared his anger with the company’s CEO, Tony Howard, with such vigour that the latter felt it necessary to phone me, late at night, and tell me to remove all the pictures from our digital library in which the chairman looked fat.

I worked for the Irish for the more than 20 years, during which they owned the company and, as far as editorial interference was concerned, that was about it.

Watch Tony O’Reilly in ‘The Real Deal’ here.

The sad tale of Independent Media (Chris Whitfield, The Media Online)

Mark Stedman/Photocall Ireland

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Tony’O’Reilly at the INM AGM in 2004 (Top) and David Duffy on The Real Deal last night.

You may recall how this summer AIB secured judgements against Tony O’Reilly and companies controlled by him for €45million.

In June the Commercial Court heard that he owed approximately €195 million to eight different banks – with AIB reportedly calling him ‘insolvent’ three times during the hearing.

On The Real Deal, a documentary on Tony O’Reilly (by  RTÉ’s David Murphy) broadcast last night, David Duffy, CEO of AIB, pictured above, said:

“People will make all kinds of comments about what they perceive is the reality. We engage in a very simple process, it’s very consistent and it’s equitable and fair and does not differentiate between one person and another. So there is absolutely no question whatsoever that we took an action for a purpose, other than to treat people exactly as everybody else is treated.”

Further to this, readers may also recall how in June, Colm Keena reported in the Irish Times:

“The purchase of three major Irish businesses over the past two years by the billionaire businessman Denis O’Brien involved total bank write-offs of more than €300 million. The deals saw the businessman invest €230 million to acquire the Siteserv Group, the Topaz Group and the Beacon Private Hospital.”

“Mr O’Brien, who has a 29.9 per cent stake, is the biggest shareholder in the Independent News & Media. In April last year the group did a deal with its eight banks, which include AIB and Bank of Ireland, where the banks wrote off €138 million of an overall debt of €422 million, in exchange for a shareholding in the group worth approximately €10 million.”

Good times.

Watch back in full here

Related: Ignominious end to career of Ireland’s first business superstar (Ciaran Hancock, Mark Paul, Irish Times, June 27, 2014)

Sir Anthony O’Reilly described as ‘insolvent’ by AIB (Tom Lyons, Irish Times, June 24, 2014)

Banks write off over €300m in three deals with Denis O’Brien (Colm Keena, Irish Times, June 13, 2014)

(Eamonn Farrell/Photocall Ireland)