The chairman of the semi-state body Bord na Móna has resigned.
Minister Dermot Ahern
Mr Donagh O'Donoghue informed the Minister for Communications, Marine and Natural Resources, of his decision today.
The minister, Mr Dermot Ahern, said in a statement this evening he has accepted Mr. O'Donoghue's decision "with regret".
The statement said Mr. O'Donoghue cited business commitments and personal considerations as influencing his decision.
"He joined the board in October 2001 and became chairman in November 2002. During his tenure, the company has enhanced its performance, delivering good profit growth and eliminating debt."
Mr Ahern thanked Mr..O'Donoghue for "his effective stewardship of the Company and for helping to position the company for the future".
Mr. Fergus Mc Ardle, currently a board member of Bord na Móna, has been appointed interim Chairman of the company.
Last month it emerged the board wants to invest up to €250 million in acquisitions over the next three to four years as part of its plan to move away from a reliance on peat.
The company's AGM heard that strong cashflow allowed the firm to clear its balance sheet of debt last year.
The €8 million debt reduction accompanied a rise in turnover of 2.7 per cent to €252.9 million. Operating profits before exceptional items were up by 26 per cent to €29.4 million.
At the time, Mr O'Donoghue welcomed the "robust" performance, but warned of challenging times ahead for the company.
He said that Bord na Móna would be hit by a "hiatus" in the operation of two ESB power stations to which the company supplies peat.