NZME Director David Gibson Resigns Amid Growing Boardroom Turmoil

Highlights:

• David Gibson resigns from NZME’s board effective immediately, citing personal reasons.
• Shareholder Jim Grenon campaigns to replace the entire board, intensifying governance tensions.
• NZME delays AGM to June 3 and reopens director nominations amid rising investor pressure.

David Gibson steps down with immediate effect as shareholder pressure mounts

New Zealand Media and Entertainment Limited (NZX: NZM) has announced the sudden resignation of board member David Gibson, citing "personal reasons" for his immediate departure. At the time of writing, the resignation was disclosed through a short statement issued by the company on Tuesday morning.

Shareholder Unrest Adds to Governance Pressure

Gibson’s departure comes as NZME faces rising tension with one of its significant shareholders, Jim Grenon, who is actively campaigning for a complete board overhaul. This shareholder activism has introduced a new layer of uncertainty as the company navigates ongoing structural and market challenges in the media landscape. Grenon’s efforts to remove the existing board underscore deep-seated dissatisfaction among some stakeholders, possibly tied to performance concerns or governance direction. The timing of Gibson’s resignation has only intensified attention on the upcoming annual meeting.

AGM Delayed, Nominations Reopened

Originally scheduled for April 29, NZME’s annual general meeting has now been deferred to June 3. Alongside this postponement, the company has reopened nominations for director positions—likely in response to shareholder demands for broader boardroom renewal and transparency. David Gibson, a former investment banker, had served on NZME’s board during a period marked by industry disruption and evolving digital media strategies. His exit marks a notable shift in the board’s composition at a critical juncture for the media company. As NZME prepares for its rescheduled AGM, the board is expected to face mounting scrutiny from shareholders seeking stronger governance and a clearer strategic path forward. How the company addresses this unrest could shape investor confidence and operational direction in the months to come.

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