The chairman of The Irish Times Trust Ltd, Major Thomas B. McDowell (78), has announced his retirement after almost four decades at the head of the Irish Times Group.
Major McDowell, who served as chief executive of The Irish Times between 1962 and 1997, was instrumental in the establishment of the trust in 1974, which was brought into being to guarantee the independence of the newspaper.
In recognition of his contribution to The Irish Times, the boards of the trust and company have awarded him the title of President for Life of the Irish Times Group.
It is understood that Prof David McConnell, of the genetics department at Trinity College, Dublin, who is a current member of the trust, is to be appointed as its chairman in the coming days. A number of other trustees are due to step down in the next few months as part of a restructuring plan announced yesterday following a downturn in The Irish Times's financial situation.
Paying tribute to Major McDowell, the chairman of The Irish Times Ltd, Mr Don Reid, said: "Down the years, in a crunch issue, the company always came first with him."
The editor of The Irish Times, Mr Conor Brady, said Major McDowell had been "a bulwark to editorial independence. The Irish Times is what it is because of that."
In a separate development yesterday, Mr Reid (69) said that he planned to retire by next April.
In a statement issued yesterday by Mr Reid, Major McDowell expressed his appreciation to all at The Irish Times who had helped him over the years, especially between 1962, when he was appointed, and 1997, when he retired as chief executive.
