NZME reshuffles board, withdraws director nominations

NZME has provided an update to shareholders regarding its engagement with JTG 4, a company owned by Jim Grenon, and other major shareholders.

The focus of the board's engagement was to explore options that would allow shareholders to vote on a potential board capable of continuing the implementation of NZME's value-enhancing initiatives and minimising disruption to the business.

As a result of this engagement, director nominations and proposals for the annual shareholders' meeting have been withdrawn.

Louis Joseph has withdrawn his director nomination, while JTG has withdrawn its nominations for Philip Crump, Des Gittings, and Henri Eliot, as well as its proposals for the removal of the four existing directors.

The only remaining director nominations for consideration are Steven Joyce, nominated by Stephen Donoghue-Cox, and Jim Grenon, nominated by JTG.

These nominations are supported by the board.

Barbara Chapman has announced her retirement as a director and chairman, while Sussan Turner intends to seek re-election.

Carol Campbell plans to remain as a director until a suitable independent director is identified.

If Joyce and Grenon are appointed, the potential board composition would include Joyce, Campbell, Turner, Guy Horrocks, and Grenon.

Joyce is expected to be appointed as chairman, with the board proposing to appoint Bowen Pan as a director after the meeting.

The new board would also establish an editorial board and appoint Des Gittings and Philip Crump to advisory roles.