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Ten shares climb 2.38 per cent after departure of chief executive Hamish McLennan

ten shares mclennan departureShares in Network Ten climbed yesterday as the market digested the resignation of chief executive Hamish McLennan, before falling back in morning trading today.

They closed last night at $0.215 cents, a rise of 2.38 per cent. Shortly before midday today the price had slipped back to $.213, a fall of 1.16 per cent. 

The network announced yesterday morning that McLennan has stepped down as CEO to be replaced by chief operating officer Paul Anderson. David Gordon was named as its new chairman.

McLennan, who took over from James Warburton as CEO in March 2013, said in a statement “my role is complete” following the strategic arrangements with Foxtel announced last month and the “transformative agreement with MCN”.

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