Independent News and Media is attempting to remove the chief executive of an Australian media operation in which it has a 29% stake.
In a statement to the stock exchange last night Independent News and Media said it was seeking the removal of Brett Chenoweth both as a director and as chief executive of media group APN.
In the statement INM said it had lost confidence in Mr Chenoweth’s ability to implement the strategic initiatives necessary to reposition APN for the more challenged media landscape that has emerged in Australasia.
It said: "Notwithstanding its market leading positions APN has underperformed as evidenced by a near halving of APN’s interim profits in the period from H1 2010 to H1 2012."
INM has formally advised APN of its views and it is seeking an Extraordinary General Meeting to facilitate all APN shareholders in expressing their views on this important matter.