Gibson’s resignation comes seven weeks before the company’s annual shareholders’ meeting, where Auckland businessman Jim Grenon, who owns 9.97% of the company, is seeking to overhaul the board.
Grenon has been concerned about the operational and financial performance of the company.
He has nominated himself as the new chair of NZME and presented the company with several options for a new-look board.
Under Grenon’s latest proposal, the board would comprise himself as chair, two of his nominees, Philip Crump and Des Gittings, as well as chief executive Michael Boggs, digital classifieds expert Nigel Jeffries, existing board member Guy Horrocks and one of the other existing board members, chosen from Sussan Turner, Carol Campbell and Chapman.
Gibson’s name did not feature in this particular proposal.
Another shareholder, Australian media analyst Roger Colman has previously said Gibson should come off the board, to be replaced by a digital classifieds expert given the importance of real estate platform OneRoof.
In a note to NZME staff, Boggs said the company wished Gibson “all the best for the future”.
“As you will have read, we have our annual shareholders meeting in early June and the composition of the board of directors will be voted on at that time.
“As always, things don’t change for us all here at NZME – it’s business as usual so please continue the awesome work you’re all doing. Our first quarter was really strong with some record results across some parts of the business, and I’m confident we can achieve an even better Q2.”
According to NZME’s annual report, Gibson has more than 20 years’ investment banking experience, including as co-head of investment banking in New Zealand for Deutsche Bank and Deutsche Craigs “where he completed a number of New Zealand’s largest M&A and equity transactions, including within the media industry”.
Gibson is also deputy chair of Goodman (NZ) Ltd and a director of Freightways, Rangatira Ltd and Contact Energy Ltd. He holds a Bachelor of Laws (Honours) and Bachelor of Commerce from the University of Canterbury.
He has been on the NZME board since 2017.
Editor-at-Large Shayne Currie is one of New Zealand’s most experienced senior journalists and media leaders. He has held executive and senior editorial roles at NZME including Managing Editor, NZ Herald Editor and Herald on Sunday Editor and has a small shareholding in NZME.
