Independent commercial director Simon Barnes departs

Independent News & Media commercial director Simon Barnes is leaving the newspaper group amid worries that falling advertising revenues will hit profits. It is not known if Barnes has a job to go to.

Barnes, a former ad director of The Mail on Sunday, was appointed to the commercial director role of The Independent and The Independent on Sunday in August 2004, replacing Lawrie Procter. Previously, he had been managing director of digital company Oxigen.

Barnes, who spent 20 years at Associated Newspapers, left the publisher in 2000 after a falling out over the direction of its contract publishing division, Unique Solutions in Publishing, where he was managing director.

His departure co-incides with a power struggle at the newspaper publisher, which is embroiled in a public row with billionaire shareholder Denis O’Brien.

Fitch Ratings, which assesses companies ability to repay their bondholders, says the group was likely to face a tougher economic climate in its core British and Irish markets and has cut its outlook on INM to negative from stable. It estimates that given INM’s cost and revenue base, a5% fall in ad revenues could be expected to lead to a 15% fall in Ebitda [underlying earnings].

O’Brien has been steadily raising his stake in INM, with observers suggesting he may bid for the company. INM were unavailable for comment at the time of going to press.