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One of Britain and Ireland's great newspaper barons gave up the game today. Sir Tony O'Reilly stood down for the sake of peace at the warring Independent News & Media (INM).
His departure appears to be a victory for his rival and INM dissident shareholder Denis O'Brien, though O'Reilly's son Gavin succeeds his father as chief executive.
INM, owner of The Independent in London and the Irish Independent in Dublin, has been at war with itself since telecoms tycoon O'Brien built up a 26% stake to rival the 28% of O'Reilly senior, one of Ireland's top businessmen whose empire ranges from the now broken Waterford Wedgwood to oil prospecting.
Today, however, INM announced a shake up of its board to end the bitter battles.
Those changes see O'Reilly retire from the company on his 73rd birthday, and Gavin O'Reilly appointed chief executive.
The deal also includes a clearout of the old 17-strong O'Reilly-dominated board and the instalment of a new, 10-person board which includes the appointment of three O'Brien placements, all of whom are current or former employees in his telecoms empire.
The news sent INM shares, quoted in Dublin and London, soaring by 36%, up four euro cents at 15 cents. However, that compares with a huge slump in the stock over recent months, from a high of more than €2 last June.
Peace in the boardroom will now focus directors' minds on the looming €200 million (£185.1 million) debt repayment deadline and the future of The Independent in London.
The paper has been forced to give up its Docklands home and take space at the offices of the Daily Mail group in Kensington.
Speculation has been rife that the newspaper group has been secretly up for sale for months.
INM chairman Brian Hillery led the eulogies to what appears to be the end of O'Reilly's public career.
"Tony has been a significant business leader for more than 45 years and has been a key figure in the making of modern Ireland," he said.
