Independent News & Media seeking to oust APN boss

Independent News & Media (INM) is seeking the removal of Brett Chenoweth as Director and Chief Executive Officer of APN News & Media, in which INM holds a 28.95 per cent shareholding.

A release issued by INM reported that INM 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 Australiasia."

The company added: "Notwithstanding its market leading positions APN has underperformed as evidenced by a near-halving of APN's interim profits in the period from H1 [the first half] 2010 to H1 2012, the most recent earnings report."

Independent News & Media publishes newspapers in Ireland, Northern Ireland and South Africa. APN has a portfolio of media asserts across Australia and New Zealand.

MF