Sanger quits The Market Herald

The Market Herald managing director Jag Sanger has resigned following an attempt by the company board to oust him.

This comes despite the company updating the ASX earlier this month that Mr Sanger would be removed as managing director but would remain a non-executive director.

However, Business News understands Mr Sanger has also signalled his intention to resign from the role.

The company advised the market today that Mr Sanger’s resignation has immediate effect, and the meeting called by the board would no longer be held.

“Jag Sanger was the driver of the initial vision for growth of The Market Herald,” the company said.

“The Board would like to thank him for his contribution in building The Market Herald brand.

“The Board will provide a market update with its new strategy and planning in due course.”

The Market Herald’s major shareholder David Argyle called for a meeting to consider the removal of Mr Sanger on December 1.

According to the ASX announcement, the company’s directors were required to call the meeting within 21 days of notice.

The Market Herald updated the market the next day, confirming Mr Sanger was placed on leave and would not be performing an executive role.

Non-executive chairman Alec Pismiris and non-executive director Gavin Argyle were expected to increase their involvement to support The Market Herald amid a search for a new managing editor.

“As we have different views on the future vision of the group, by mutual agreement, Jag has resigned from the Board of The Market Herald,” Mr Pismiris said today.

“We wish him the best of luck for the future.”

In an email sent to his colleagues before the company’s December 1 announcement, obtained by Business News, Mr Sanger said it had been a privilege to lead the business.

"Many of you have heard that I will be leaving The Market Herald," Mr Sanger said in his email.

"From a small website in Perth to a multi-platform publisher around the world, we should all be proud of what we achieved.

"And the acquisition of Gumtree, Carsguide and Autotrader opens up so many opportunities for the business.”

In August, the Perth-based owner of investor forum HotCopper acquired classifieds brands Gumtree Australia, Autotrader and Carsguide in a $87 million deal.