Ned Sullivan is to step down as chairman of Eircom at the end of the year.

The company said in a statement yesterday that Mr Sullivan (64) was stepping down due to personal reasons.

“The role of chairman requires an ongoing time commitment which I am no longer in a position to make,” he said.

Eircom was taken over by its lenders earlier this year following an examinership process. Herb Hribar was appointed as chief executive in August.

A former chief executive of Baileys Irish Cream and Glanbia, Mr Sullivan is currently chairman of Greencore. He also served as a director of Anglo Irish Bank.