Andrew Robb appointed to Ten board by Gina Reinhart 

Former trade minister, Liberal Party president, and Kerry Packer adviser, Andrew Robb, has been appointed as a non-executive board member at Ten Network Holdings as Gina Rinehart’s representative. 
Andrew Lancaster will also join the board as a non-executive director representing elusive billionaire Bruce Gordon, who now owns 14.6 per cent of the network. 
Ten shares closed 4.8 per cent or 4.5 cents higher at 98 cents. The rest of the market was flat. 
The network now has six board members, including one for 14.9 per cent shareholder Foxtel, one representative of Lachlan Murdoch, one each of Ms Rinehart and Mr Gordon, and two independent directors, including chair David Gordon and Paul Gleeson, who has been on the board for nearly 20 years.  
Mr Robb replaces Ms Rinehart’s earlier representative John Klepec, who joined the board in October 2013 and is chief development officer at Ms Rinehart’s mining company, Hancock Prospecting. As a former trade minister Mr Robb is likely to have worked closely with Ms Rinehart, whose company exports iron ore.
Mr Robb worked as an adviser to Kerry and James Packer from 1997 to 2004. 
“I look forward to bringing my extensive political and business experience to the Ten board,” Mr Robb was quoted saying in an announcement to the sharemarket. 
“I also hope to contribute a strong regional perspective from my years running the National Farmers’ Federation. 
In 2010 Ms Rinehart bought ten per cent of Ten and started buying shares in Fairfax, eventually owning 18 per cent. However, she was never allowed to choose a director for the Fairfax board and sold out of the company in 2015. 
Mr Lancaster replaces the independent deputy chair Brian Long, who has been a director since July 2010. Mr Lancaster is chief executive of Win Corporation, a regional television station owned by Bruce Gordon, he is also a former director of Free TV Australia. 
Bruce Gordon owns nearly 15 per cent in both Ten and Nine, and was previously prevented from having board seat because of potential conflicts of interest. Win was buying Nine’s content for its regional broadcasting, but recently switched to Ten. (Nine now sells its content to regional broadcaster Southern Cross Media) . 
Brian Gordon thanked Mr Long, saying he had “led the board through some difficult times and played an important role helping to set the strategy for the current turnaround in Ten’s performance”. 
Mr Robb follows another senior federal Liberal minister into television. Former Treasurer Peter Costello has been on the board of Nine Entertainment Company since 2013 and was appointed chairman earlier this year. 
Source: http://www.smh.com.au/business/media-and-marketing/andrew-robb-appointed-to-ten-board-by-gina-rinehart-20160725-gqd42i.html

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One Comment Add yours

  1. Mark Peacey says:

    All this adds up toa very nasty cocktail.

    Like

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