Australian company APN News & Media has appointed a new chief executive as Brendan Hopkins leaves the company.
APN, in which Independent News & Media has a 31.6 per cent share holding, said Brett Chenoweth will take up the role on January 1st. Mr Chenoweth (41) is currently managing director and head of Asia-Pacific for New York-based specialist merchant bank the Silverfern Group. He has also held senior strategy, business development and operational roles at Telecom New Zealand, Ecorp, Ninemsn and Village Roadshow Pictures.
Mr Hopkins was seconded to his current role by IN&M in August 2002.
APN chairman Gavin O'Reilly said Mr Chenoweth's experience would help APN accelerate efforts to deliver an expanded range of content and services
"We believe Brett has the right blend of operational and strategic experience required to lead APN's expansion of its multi-media and integrated audiences, in both new and existing markets," Mr O'Reilly said.
"He also brings the high degree of intellect, energy and vigour we believe necessary to ensure APN is in a position to prosper in a dynamic media environment."
APN announced that Donal Buggy and Cameron O'Reilly will retire from the APN Board on January 1st.
As a result of the changes, directors who are representatives of INM will no longer be the majority on APN's board.
The board changes will mean that although INM's share of APN's net profit will remain the same, INM will no longer account for APN as a subsidiary undertaking after December 31st. Instead, it will be accounted for as an associate undertaking.
It will have no effect on INM's exposure to Australasia or bank covenants.
