No chief executive likes to see his departure celebrated with a 66 per cent jump in the share price. But that is the fate suffered by Sir Anthony O’Reilly after 36 years at Independent News & Media, of which he owns 28 per cent. The move reflects relief that dissident shareholder Denis O’Brien, owner of a 26 per cent stake, has secured himself three of 10 board seats and hailed the start of a new era at the media group. This has boosted hopes that the two feuding factions can present a plausible case to banks ahead of a €200m bond refinancing in May. Sir Anthony’s son, Gavin, who takes over that month, has a shot at salvaging the group if he can sell some peripheral businesses. But the delay to the group’s results from March 31 to April 24 suggests this will be the toughest audit yet for the company behind the loss-making Independent newspaper.

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