Wednesday 16 April 2014

APN chief executive, chairman and three directors resign

Brett Chenoweth is a director and chief executive of APN

APN chairman Peter Hunt, chief executive Brett Chenoweth and three independent directors have resigned from the board of the company.

The move comes just days after newspaper publisher INM, which has a 28.95pc stake in Australian media group APN, said it had "lost confidence" in, and was seeking the removal of Mr Chenoweth.

In a statement today, the company said independent directors Melinda Conrad, John Harvey and John Maasland had resigned too.

Fund manager and company shareholder Allan Gray had also opposed capital raising plans by Mr Chenoweth.

However, the board agrees that the company needs to reduce its debt and options will be pursued.

APN will report full year results on February 21 as scheduled.

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