APN, the Australian group 39 per cent owned by Independent News, has named Gavin O'Reilly as its new chairman.
Mr O’Reilly, whio is the chief operating officer of Independent News, replaces James Parkinson, who retired today after the company's annual meeting.
Independent News tried to buyout APN last year but their A$1.9m bid was rejected by the Australian company's biggest shareholder, fund manager Perpetual.
Mr Parkinson told shareholders today at the meeting that APN is “well placed” to withstand continued volatility in financial markets having re-negotiated credit facilities in October 2006.
“For the year to date, revenues and profit were ahead of the prior year in challenging market conditions,'' he added.
APN fell 3.3 per cent to A$4.06 in Sydney trading today.