The Market Herald makes changes to the board following management stoush
ASX-listed media company The Market Herald has appointed a new executive director, while losing another, adding that the company would continue to “review its board composition”.
Twila Jensen has been appointed as executive director, at the same time as the company disclosed the resignation of Colin Chenu as a non-executive director with immediate effect.
Jensen brings more than 20 years of capital markets experience in media and the marketing of public companies. She has been a key executive of the Stockhouse team over the last decade and has been recognised as the driving force behind much of the revenue that has been realised.
Since the acquisition of Stockhouse by The Market Herald in 2019, as part of the leadership team, Jensen has developed several new media and finance offerings under The Market Herald Canada brand that has resulted in new multi-million dollar revenue streams.
In an ASX announcement released this morning, the board stated that it looked forward to the contributions to be made by Jensen, adding that, “in accordance with ASX Listing Rule 3.16.4, the company advises that, in addition to employee fees (CAD120,000) received in relation to her role in Stockhouse, Jensen will receive $36,000 (inclusive of superannuation) in director fees”.
“The company thanks Chenu for his contribution over the past years and wishes him well in his future endeavours. The company has considered the ASX Corporate Governance Principle and the recommendation to have a majority of independent directors. To this end, the company continues to review its board composition,” the statement read.
Jag Sanger.
The news comes shortly after the board removed Jag Sanger as the managing director of the company. Sanger, however, still remains a non-executive director.
Tommy Logtenberg was later appointed 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 read.
At the time, The Market Herald issued a trading halt, 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.
The Market Herald is currently trading at $0.44, with a market capitalisation of $119.21 million.
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