Joyce to chair NZME?
The Herald reports:
NZME’s likely new chairman Steven Joyce says he hopes to unify the media company’s shareholders as much as possible, following two months of sometimes heated debate over the company’s performance and editorial endeavour.
Joyce, a National Party Cabinet minister for three terms from 2008 and an experienced commercial media businessman, was today confirmed as a board nominee for NZME.
NZME’s existing chair Barbara Chapman – who has been the focus of criticism from activist shareholders who are keen to overthrow her and other directors – says she will step aside if Joyce is appointed to the board at NZME’s annual shareholders’ meeting on June 3, and becomes chair himself.
Joyce appears to be gathering decent early support from various quarters of NZME’s shareholding register, including – it is understood – its biggest shareholder, Australian fund Spheria Asset Management, which holds just under 20%.
This is a very canny choice by the outgoing NZME Board. Joyce appeals to both the rebels and the Empire
Joyce knows media. He built Mediaworks up from basically one radio station to a major network. He also knows media from the other side as an MP and Minister. It is no surprise that he appeals to both the incumbent Board and many of those wanting change.
I don’t think anyone should think that Joyce as NZME Chair will mean a change in Herald editorial direction towards the right. If anything, Joyce as a former Minister will be careful not to be seen to be getting involved in editorial issues.
But that does not mean he will be a status quo governor. Far from it. I’ve had the pleasure and challenge of working for and with Steven, and he is a change agent. He will not see his role as just charing the board. He will be driving strategy but also be into the details of significant operations. Michael Boggs will find him very different to the outgoing Chair, I suspect.
Legacy media faces a very difficult business environment as technology has upended their traditional business model. I’m unsure if many of them will be around in 20 years time. But if I was a shareholder in NZME, I’d be very pleased with the likely appointment of Joyce as Chair, and would expect to see a change in profitability and dividends. Steven is always interested in the bottom line.
The post Joyce to chair NZME? first appeared on Kiwiblog.