The board of West Australian Newspapers has undergone a major shakeup today with four directors, including chairman Peter Mansell and managing director Ken Steinke, tendering their resignation.
The board of West Australian Newspapers Holdings has undergone a major shakeup today with four directors, including chairman Peter Mansell and managing director Ken Steinke, tendering their resignation.
Earlier today, WAN announced that Mr Mansell along with directors Jenny Seabrook and Mel Ward have stepped down, effective immediately, while Australia Post managing director Graeme John has accepted a new board seat.
Later this afternoon, chief executive and managing director Mr Steinke also tendered his resignation, but said he would stay on until a replacement is found to ensure a "smooth transition".
WAN said global executive search firm Spencer Stuart has provided a shortlist of candidates for the board to consider.
The sudden departure of almost half the board leaves newcomers Seven's chairman Kerry Stokes, his right-hand man Peter Gammell and Doug Flynn on the board.
In a statement, WAN said it had identified two new independent directors, who would join the board by the end of this month after completing final clearances.
"The next chairman of the board of WAN will be decided by the board when the two additional independent members of the new board have been appointed," the company said.
The board reshuffle comes a month after the publisher's shareholders meeting, where Mr Mansell faced tough questions from stakeholders over the new appointments of Mr Stokes and Mr Gammell, who both joined the board in September.
The appointments came five months after WAN shareholders voted against Seven's call to replace almost all the members of the WAN board, including Mr Mansell, and install Mr Stokes and Mr Gammell.
Since the shareholder meeting, there has been speculation over Mr Mansell's tenure as chairman, with some suggesting he would leave next year.
The Seven Network is currently WAN's largest shareholder with a 22.3 per cent stake.
Independent media analyst Peter Cox said Mr Stokes was likely to seek the chairman's role, and that Mr Mansell's resignation was unsurprising.
"Mansell may be hoping that if he stands down now, that he can get somebody else up as chairman before Stokes is able to establish himself," he said.
"That may be the reason for doing it now.
"Stokes likes to be in control.
"Stokes goes into these ventures to win, he has patience and he puts his money behind himself.
"And let's face it, he had to put a lot of money into this one in a falling market."
WAN shares close up six cents at $5.09.
