Cosgrove named as new APN chair
AUSTRALASIAN media group APN has appointed Peter Cosgrove as chairman a day after the chairman, chief executive and three other directors resigned.
In a statement yesterday, APN confirmed Mr Cosgrove had been appointed chairman effective immediately. He has been a board member since 2003.
The appointment came after company chief executive Brett Chenoweth, chairman Peter Hunt, and three other directors left the company.
Independent News & Media (INM), which owns 28.95pc of APN, had previously said it had "lost confidence" in certain directors' ability to reposition the business.
APN owns a host of newspapers in Australia and New Zealand, including the 'New Zealand Herald'. It also controls radio stations and has an outdoor advertising business.
INM had called for an EGM to discuss the future of Mr Chenoweth and the APN directors, but yesterday it withdrew that request.
APN had been planning to carry out a capital raising but on Monday that plan fell through.
APN said: "INM and its major shareholder, together with fund manager Allan Grey, representing approximately 51pc of APN's shares, have unequivocally indicated they are opposed to a capital raising at this time".