After an internal review earlier this month, Eircom said it would not be proceeding with a stock market listing, due to opposition from key shareholders hoping for a better return in the future.
Hribar was appointed in 2012 as part of a management team that significantly reduced costs at the company, and the rejected IPO is the third considered over the past 15 years.
“During the past two years, Herb has led Eircom through a critical juncture of our transformation and overseen a network investment programme that has significantly upgraded our capability,” said Padraig McManus, chairman of Eircom.
“He has tirelessly dedicated himself to reshape the company and deliver world class products and services to our customers.”
CFO Richard Moat will replace Hribar as acting CEO with immediate effect, until a permanent replacement has been found.
