Updated: Jag Sanger removed as MD from The Market Herald, placed on leave
The Market Herald’s board has removed Jag Sanger as the managing director of the company. Sanger, however, remains a non-executive director.
In an ASX announcement released this evening, the board said: “Mr Sanger has been placed on leave and during that time will not be performing an executive role in the company. The action has been taken following a review of company operations and ongoing discussions within the board on the future direction of the company.”
Tommy Logtenberg has been appointed as acting chief executive officer with immediate effect, while the company commences a search for a suitable replacement for the role of managing director, the release said.
The Market Herald issued a trading halt this week, later requesting an additional general meeting in order to remove Sanger with immediate effect.
This move came shortly after The Market Herald completed an acquisition of Gumtree, Carsguide and Autotrader in October, then making around 50 staff redundant.
Sanger told Mumbrella the recent job cuts were part of a transformation
Logtenberg is the current chief financial officer of Gumtree Australia, Carsguide and Autotrader, and has previously held positions of global finance and strategy manager at eBay Classifieds Group, and has held positions of manager of M&A at CRH in Amsterdam.
Non-executive chairman Alec Pismiris and non-executive director Gavin Argyle will also increase their involvement to support the company during this transition period, the release stated.
The Market Herald advised that a contract defining the terms of Logtenberg’s employment as acting CEO is being finalised and the key terms will be provided when it is finalised, in accordance with Listing Rule 3.16.4. This announcement does not lift the trading halt in the securities of the company.
The Market Herald issued a trading halt on Wednesday this week, later requesting an additional general meeting in order to remove director Jag Sanger with immediate effect.
At the time the ASX announcement noted “The Market Herald Limited advises that it has received a notice under Section 249D of the Corporations Act 2001 executed by David Brian Argyle (who states that he holds at least 5% of the votes that may be cast at a general meeting of the Company) requesting that the Company call and arrange to hold a general meeting to consider the removal of Mr Jagdip Singh Sangha as a director with immediate effect.”
It is currently not known what the reason is for the proposed removal of Sanger, however Mumbrella contacted TMH for comment.
Mumbrella contacted Sanger, and he said: “We are very proud of the growth of our business. We are the fastest growing listed media business in Australia and we have lots planned for the future. But as we grow we need to make the changes that all growth businesses need to make and we look forward to updating more in the future”.
The company held its AGM on Monday, and following the meeting Sanger said on his LinkedIn: “From a small website and a few people in Perth, to a multi-platform media business with a few hundred people publishing across Australia, Canada, Germany, Austria and Switzerland. And now with our acquisition of Gumtree, Carsguide and Autotrader the future looks bright. And interesting.”
The Market Herald’s market capitalisation currently sits at $137 million, with its share price closing at $0.50 before trading was halted this week.
If you have any tips, please email Calum Jaspan at cjaspan@mumbrella.com.au
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Calum Jaspan was news editor at Mumbrella, based in Melbourne. He was also the producer and host of the Mumbrellacast. He left Mumbrella in May 2023.
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Sad to see him go, he’s been great for our business.
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Buy Carsguide, fire so many staff. All the good people leave. Cause an internal shareholder fight. What a show!
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It’s a shame really, Carsguide was a good business with great people.
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