Friday 8th December 2017
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NZME director Peter Cullinane, a former ad man who founded Lewis Road Creamery, has been confirmed chair of the media group, while ex-investment banker David Gibson has been appointed to the board.
The appointments follow former chair John Anderson's sudden retirement this week, although NZME said it was already in the process of a boardroom renewal. That process led to the appointment of Gibson, a former co-head of investment banking for Deutsche Craigs, who has advised on major transactions in the media sector and will continue next year. Cullinane, a former Saatchi & Saatchi global executive, has been on the board since it was spun out as a separate entity from APN News & Media in June last year.
"I am honoured to accept the appointment as chair of NZME. We have great people, brands and customers and are in a strong position to take advantage of opportunities to grow shareholder value in the New Zealand media sector," Cullinane said in a statement. "David’s extensive experience in capital markets and managing growing businesses will be of enormous value to NZME in achieving its objectives while maintaining strong governance."
NZME was recently added to First NZ Capital's analyst coverage, which took a cautiously positive outlook on the media group's potential earnings, rating the stock a 'neutral' and putting a 12-month target share price of 88 cents. The shares closed at 89 cents yesterday.
The New Zealand media unit was spun out of APN with a view to merging with rival Fairfax New Zealand, although that's been rejected by the Commerce Commission as being anti-competitive and is currently under appeal.
Gibson has been declared an independent director and will put himself forward for election at the next annual meeting.
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