Seven West Media
(ASX:SWM) has confirmed its continued support for CEO, Tim Worner, after news broke out that he had an 18-month extra-marital affair with a former executive assistant, Amber Harrison.
On Monday morning, Seven’s share price fell from 79.5 cents to 73.5 cents, and its market cap fell below $1.1 billion. Its share price has since recovered.
Seven has paid a six figures settlement to Ms Harrison, and Mr Worner has apologized for his conduct.
In July 2014, the company engaged an independent accounting firm to investigate Ms Harrison’s alleged misuse of a corporate credit card – an investigation which led to her being sacked.
The company’s board has met four times this week, and will order another independent inquiry into this scandal.
Seven West Media reported a net profit of $184.3 million at 25 June 2016.
