Two New Directors Nominated as NZME Chairman Barbara Chapman Retires
NZME updates shareholders on key board nominations and retirements ahead of its Annual Shareholders’ Meeting, signaling a strategic shift with new leadership and governance plans.
- Withdrawal of multiple director nominations and removal proposals by JTG 4 Limited
- Retirement of Chairman Barbara Chapman announced
- Steven Joyce and James Grenon nominated and fully supported by the Board
- Potential new Board to include technology expert Bowen Pan
- Plans to establish advisory and editorial boards to support governance
Boardroom Developments Ahead of ASM
NZME Limited has provided a significant update on its board composition and governance proposals ahead of the upcoming Annual Shareholders’ Meeting (ASM). The company disclosed that several director nominations and removal proposals previously put forward by JTG 4 Limited, a major shareholder controlled by James (Jim) Grenon, have been withdrawn. This move effectively clears the path for a more streamlined and less contentious vote at the ASM.
Notably, Louis Joseph has also withdrawn his nomination as a director, narrowing the field to two key nominees: Steven Joyce, nominated by shareholder Stephen Donoghue-Cox, and James Grenon himself. Both nominations enjoy full support from the existing Board, signaling a consensus around these appointments.
Leadership Transition and Governance Enhancements
In a pivotal leadership change, Barbara Chapman, who has served as Chairman since 2020 and as a director since 2018, announced her intention to retire at the close of the ASM. Chapman’s tenure has been marked by navigating NZME through a challenging media landscape in New Zealand, and her departure marks the end of an era for the company’s governance.
Following the ASM, it is expected that Steven Joyce will be appointed Chairman, a move supported by both Grenon and the Board. This leadership transition is complemented by plans to appoint Bowen Pan, a technology and marketplace expert, to the Board, reflecting NZME’s strategic emphasis on digital transformation and innovation.
Board Composition and Strategic Outlook
The prospective Board post-ASM would comprise Steven Joyce, Carol Campbell, Sussan Turner, Guy Horrocks, and James Grenon. Turner, who is required to retire by rotation, has confirmed her intention to seek re-election with Board backing. Meanwhile, Carol Campbell plans to remain until a suitable independent director with financial expertise is appointed to succeed her and chair the Audit & Risk Committee.
Further governance initiatives include the establishment of an editorial board to support the editorial team, with Philip Crump expected to be a member, and the appointment of Desmond (Des) Gittings to the OneRoof Advisory Board. These advisory structures aim to enhance oversight and strategic guidance without disrupting core operations.
Overall, the Board expresses confidence that these changes will strengthen NZME’s ability to execute its value-enhancing initiatives and maintain momentum in a rapidly evolving media environment.
Bottom Line?
As NZME’s board reshapes itself, investors will watch closely how new leadership balances innovation with stability.
Questions in the middle?
- How will Steven Joyce’s chairmanship influence NZME’s strategic direction?
- What impact will the new advisory and editorial boards have on operational decisions?
- When will the Board appoint the new independent director to succeed Carol Campbell?
