Thursday 28th March 2019
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Sky Network Television's former chief executive John Fellet is resigning from the board after a transition period, the company said in a release to the stock exchange.
“After a period of transition, during which I have been grateful for John’s advice and support in his capacity as a board member, John has decided to step down from the Sky board," said chief executive Martin Stewart.
No-one was immediately available to say when Fellet will leave. However Fellet said last month that he was happy to remain a director until the AGM in October, if Stewart wanted him to.
“I said I’m happy to exchange keys in the parking lot and you’ll never see me again. Or I’ll be a consultant for a dollar a year. Or I’ll be on the board. It's his call,” Fellet said at the time.
Veteran British media executive Stewart took over from long-serving CEO Fellet on Feb. 21.
Fellet retired after being with the company for 28 years and being CEO for 18.
“John’s leadership of Sky saw the business transform from three channels and 125 employees to a multi-platform, highly profitable company with over 1,200 staff serving more than 750,000 New Zealand homes. The innovations that John brought to Sky have revolutionised the way New Zealanders view television, and he leaves a significant legacy," said chairman Peter Macourt.
“The board and I are grateful that John gave us many months’ notice of his intention to retire, and was willing to stay involved in the company in order to ensure a positive transition process for Martin as the new CEO.”
The shares recently traded at $1.35, up 0.8 percent but are down 28 percent so far this year.
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