Independent News & Media is seeking the removal of the chief executive of the Australia-based media group APN News Media, in which it holds a 28.95 per cent shareholding.
In a statement issued last night INM said it had lost confidence in Brett Chenoweth’s “ability to implement the strategic initiatives necessary to reposition APN for the more challenged media landscape that has emerged in Australasia”.
It claimed the media firm had underperformed, pointing to the fall in interim profits between 2010 and 2012.
INM said it had formally advised APN of its views and was seeking an extraordinary meeting to facilitate all APN shareholders in expressing their views on this important matter.
Businessman Denis O’Brien is one of the other significant shareholders in the Australian media group. He also holds a 29.9 per cent stake in INM.
APN publishes 20 daily and more than 100 non-daily newspapers across Australia and New Zealand along with seven radio stations.
It also has outdoor advertising businesses in Australia, New Zealand and Hong Kong.
