APN News and Media Limited
(ASX:APN) has announced the resignation of its Chairman, CEO and three independent directors after locking
heads with major shareholders Ireland’s Independent News & Media and fund manager Allan Gray.
The regional and New Zealand newspaper publisher’s Chairman Peter Hunt, CEO and Managing Director Brett Chenoweth and three independent directors will depart from today.
APN says the departing directors have a different view on gearing levels to the major shareholder and in light of their opposition it is not tenable for them to continue.
The company is in the process of appointing a firm to assist in the selection of a CEO and additional board members and is expected to release its full year results this Thursday, 21 February.
At the end of last year APN forecast its annual net profit will to drop by about a third to between $51 and $54 million due to a struggling newspaper advertising market.
APN News and Media booked a net loss of $308.2 million in the first half of the 2012 financial year.
