According to reports, Smurfit, who made around 160m from the 2.1bn
sale of the business to Chicago-based private equity firm Madison Dearborn Partners in the summer of 2002, said the new owners had retained his services to lead a new initial public offering when the time was right.
Smurfit still owns 7.3% of the group. If the company were to float again, Smurfit has backed Tony, the firms chief operating officer, as a suitable replacement for McGann.
As PrintWeek went to press McGann was unavailable for comment.
Story by Andy Scott
Have your say in the Printweek Poll
Related stories
Latest comments
"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
"Whatever happened to the good old fashioned cash job! At least the banks didn't take 2-3% of each sale. After 30 odd transactions that £100 quid you had has gone."
"It's amazing what can be found on the "web" nowadays!"
Up next...
Replacement 'will be operational later this year'
Walstead makes decision on Bicester 64pp
'Ridiculous decision'
Unite “prepared to fight” on proposed DS Smith site closure
Also helps mitigate volatile energy prices
