APN Outdoor’s Richard Herring retires
APN Outdoor CEO Richard Herring is set to retire at the end of September.
Herring has worked for APN Outdoor for the past 22 years and has held the role of CEO since 2004.
Herring was APN Outdoor’s CEO for 13 years
He said he felt it was “the right time” to step down.
“I have had a long and wonderful career at APN Outdoor, and proud to have led the company during a period of immense technological change and substantial growth,” Herring said.
“With a strong management team in place and a bright future ahead of the company, I feel that the time is right for me to step down.”
During his time with the company, APN Outdoor was spun out of APN News & Media before floating on the ASX in 2014. Since then, the company’s share price has more than doubled, giving it a current market capitalisation of $786m.
The news comes two months after APN Outdoor and Ooh Media decided to withdraw their merger proposal – originally announced in December last year – following ACCC concerns.
Wayne Castle, the company’s chief financial officer will be appointed as interim CEO wile Herring will work with the board on a ‘seamless transition’, continuing to advise and assist the company in the coming months.
Commenting on the departure, chairman of APN Outdoor, Doug Flynn thanked Herring for his commitment to the company.
“Richard has overseen the growth of the company from $226m revenue in 2013 to over $331m revenue last financial year, and managed the company through its successful ASX listing in 2014.
“We sincerely thank Richard for his commitment and significant contribution over the past 22 years with APN Outdoor.”
The board has commenced a formal process to find a new CEO, with both internal and external candidates to be considered.
