APN top brass bow to pressure and resign

The CEO of Australian media group APN, which counts Independent News and& Media (INM) as its largest shareholder, has bowed to investor pressure and resigned, along with four other directors.

Sydney-headquartered APN announced yesterday that Brett Chenoweth, chairman Peter Hunt, and three independent directors — Melinda Conrad, John Harvey, and John Maasland — will no longer be with the company as of today.

The move follows a show of no confidence in APN’s stewardship by the group’s two biggest shareholders; the Dublin-based INM and South African fund management firm, Allan Gray.