THE managing director of Internet service provider Indigo, Mr Michael Branagan, has resigned.

Mr Branagan said in a statement that he had formally tendered his resignation as managing director of Indie (the Indigo holding company) at 5.30 p.m. on Thursday.

"I took this decision as a result of information regarding a matter unrelated directly to the company, which was made available to me in the preceding week," he said. "My decision to resign was taken following careful consideration of this information."

In an earlier statement telephoned to The Irish Times, Mr Branagan said his resignation was "unconnected to the recent security problem that was reported widely".

A spokeswoman for Indigo said that Mr Branagan had left over"a point of difference" between himself and the shareholders. "We are very sorry that Michael has left as he did a very good job of building up the company," she added.