Shareholder activist and internet publisher Stephen Mayne has nominated for the board of WA Newspapers Holdings Ltd, contesting the seat held by chairman Peter Mansell.
Shareholder activist and internet publisher Stephen Mayne has nominated for the board of WA Newspapers Holdings Ltd, contesting the seat held by chairman Peter Mansell.
Shareholder activist and internet publisher Stephen Mayne has nominated for the board of WA Newspapers Holdings Ltd, contesting the seat held by chairman Peter Mansell.
My Mayne's nomination comes a year after Kerry Stokes' Seven Network Ltd emerged with a substantial stake in WA Newspapers, publisher of The West Australian. Seven has increased its position lately to 17.3 per cent.
It was not known whether Seven plans to nominate anyone to the board.
It is the second run in seven years for a WA Newspapers board role by Mr Mayne, the founder of online business and politics news site crikey.com.au which he sold two years ago for $1 million. He is currently planning to start a new shareholder-focused venture www.maynereport.com on the web.
A newspaper journalist, business editor and press secretary for Jeff Kennett during the 1990s, Mr Mayne said he would bring media experience to the WA Newspapers board and push for a better online strategy.
"WA News needs to develop a more enlightened approach to the internet and as someone who founded and built the successful Crikey internet model, I could add some value in the boardroom," Mr Mayne said in a statement.
"None of the existing four independent directors have much media or internet experience. The board is too small and needs more diversity."
Apart from Mr Mansell, whose position comes up for rotational re-election, the board includes Melvyn Ward, Erich Fraunschiel, Jenny Seabrook and CEO Ken Steinke.
Mr Mayne is one of Australia's most unsuccessful board nominees with 28 failed attempts to join various major companies as a director. His wife, Paula Piccinini, has had better luck. She was elected last year to the board of RAC Victoria, Australia's biggest mutual with 1.9 million members and assets of about $2 billion.
WA Newspapers recently reported a net profit of 69.3 million for the year ended June 30, up from $54 million in the previous corresponding period.