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
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