Sharechat Logo

NZME's Peter Cullinane confirmed as chair, ex-investment banker David Gibson joins board

Friday 8th December 2017

Text too small?

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. 

(BusinessDesk)

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar hits 4-month high as Trump announces US tariffs, raising spectre of protectionism
While you were sleeping: Wall St mixed, Netflix rallies
MARKET CLOSE: NZ shares mixed; Z drops on downgrade as Air NZ bounces back
NZ dollar benefits from US short-term government funding deal
Powerhouse purges Motim board, SolarBright founders quit
Investore earnings, dividends to get boost from Bunnings acquisition
Trans-Tasman Resources to go public in backdoor listing on ASX, via Manhattan Corp
Wgtn's Habitual Fix on Featherston liquidated for a second time
Former trustee pleads guilty to fraud
Juken NZ looks to halve Gisborne mill staff in bid to drive profitability

IRG See IRG research reports