chairman of the Island Press (Holdings) Ltd., and D. Randolph French has taken over on an interim basis.

Mr. Brown, in an unusual move, resigned as a director of the board and as president of the company, some 24 hours after he was re-elected chairman.

It led to speculation of a rift in the company that pitted Mr. Brown against other interests in the company. He was off the Island this week and unavailable for comment.

Changes to the board composition of publicly listed companies are required to be made known within ten days of the event.

There was no official notice of his departure from the board until after questions were raised yesterday by The Royal Gazette .

A Bermuda Stock Exchange (BSX) notice was then distributed late in the day to the media which indicated that the Exchange was yesterday apprised of these developments.

Mr. Brown, 67, who has been at the centre of local publishing interests for decades and whose family is a significant shareholder of the company, resigned April 1, the day after the company's March 30 AGM, in which he was again confirmed as chairman.

He assumed the chairmanship in September 1994 when the ailing Bermuda Sun newspaper merged with its long time printer. But he indicated at that time that he saw his role as chairman as temporary, through the transition period.

Subsequent to his departure from the board at the beginning of this month, Mr.

French was appointed interim chairman last week Tuesday. He said that the board will eventually vote to select a tenured chairman.

Mr. French said, "Warren was chairman for five years. He was also chairman for several years when the company was founded in the 1960's.'' Asked about rumours that Mr. Brown's departure was linked to a dispute with the company, Mr. French responded: "Warren has been entirely supportive of management's efforts to turn the company around.'' Mr. French stated that Mr. Brown was supportive of the decision to publish the firm's weekly newspaper, Bermuda Sun, twice weekly, noting that he was a founding father of the newspaper in 1964 and had always been "an ardent proponent of competition in the media.'' The Island Press board is now comprised of Mr. French, Tourism Minister and hotelier David Dodwell who is the company's deputy chairman, lawyer Max L.

Quin, businessman and long time Parliamentarian Gilbert Darrell and executive Leon Simmons.

Mr. French said, "Prior to the AGM, Mr. Brown had discussed with me his stepping down as chairman because of frequent travel off the Island. I believe his decision to step down was a personal one.''