New Zealand Media and Entertainment (NZME) has updated shareholders on significant developments regarding its Board composition ahead of the upcoming Annual Shareholders’ Meeting (ASM). JTG 4 Limited (JTG), under the ownership of James Grenon, and other major shareholders have been in discussions with the Board to determine options for a Board capable of continuing NZME’s value-enhancing initiatives, improve digital capabilities, and minimize business disruption. Louis Joseph has withdrawn his director nomination.
JTG has withdrawn its director nominations for Philip Crump, Desmond Gittings, and Henri Eliot, as well as its proposals to remove the existing four directors. Steven Joyce and James Grenon remain as the director nominees for consideration at the ASM, fully supported by the current Board. Barbara Chapman will retire as a director and Chairman at the ASM’s close. Sussan Turner will offer herself for re-election, with full support from the Board and new nominees. Carol Campbell will remain a director until a suitable independent director with financial skills is appointed to chair the Audit & Risk Committee.
After the ASM, if Joyce and Grenon are appointed and Turner is re-elected, the Board will include Steven Joyce, Carol Campbell, Sussan Turner, Guy Horrocks, and James Grenon. It is expected that Steven Joyce will be appointed as Chairman, with Grenon’s support. Bowen Pan, a technology and marketplace expert, will also be appointed as a director. The new Board intends to appoint Desmond Gittings to the OneRoof Advisory Board and establish an editorial board with Philip Crump as a member. The current Board believes these changes will position NZME to drive business forward and deliver shareholder value. Shareholders will determine the final Board composition through voting at the ASM. The Notice of Meeting will provide further details on director nominations and resolutions.
