HT&E’s chairman Peter Cosgrove resigns following Adshel sale agreement
Here, There & Everywhere’s chairman, Peter Cosgrove, will retire at the end of the month, following the company’s agreement to sell its street furniture business Adshel to Australia’s largest outdoor player, Ooh Media.
Cosgrove said the timing was right to move on from the business as the Adshel sale gives HT&E opportunities to strengthen its remaining assets.
“The company is at a pivotal point. The divestment of Adshel is a good result for shareholders and provides a number of strong capital management initiatives to further strengthen the business: he said. “In my view, the company has never been in better shape with a strong balance sheet and the number one metropolitan radio business in the country with exceptional margins and cash generation.
“I believe now is the right time for me to step aside in an orderly manner that will allow for board renewal and a fresh approach.”
Cosgrove has been on the board for 14 years and in the chairman role for five. Robert Kaye has been appointed interim chairman as the company undertakes a search for a permanent replacement.
HT&E’s CEO Ciaran Davis said Cosgrove had helped transform HT&E – formerly APN News & Media – and exit traditional publishing.
“Peter has led the board through a comprehensive change program at HT&E that saw the company successfully exit traditional publishing and reposition the business focusing on growth media assets,” he said.
“This strategy resulted in a fantastic sale price for Adshel and the board and management team sincerely thank Peter for his considerable effort, contribution and commitment over the past 14 years.”
