APN shares drop after CFO quits

Dual-listed APN's Australian-based chief financial officer has resigned, prompting a further share price drop.

In an announcement to the stock exchange this morning, APN News & Media says its CFO of 10 years, Peter Myers, has resigned to pursue other interests and will leave on September 21.

Chief financial controller Jeff Howard will be acting CFO while the company finds a replacement.

An email from chief executive Brett Chenoweth, seen by NBR ONLINE, says Mr Myers has been instrumental in the financial leadership and strategic direction of the company and has been an "outstanding" CFO.

A monthly share price chart on the ASX shows APN shares were worth just over $2.50 10 years ago, and tracked upwards to about $6 in 2007, before a precipitous decline.

The Australian share price (ASX: APN) has dropped 5 cents today to 34 cents.

New Zealand shares (NZX: APN), meanwhile, have dropped two cents to 49 cents.

NBR ONLINE asked APN to explain why Mr Myers is leaving now, when the company is struggling, but the company has yet to respond.

Two weeks ago, the company said it would shed 100 New Zealand jobs and write down the value of its metropolitan mastheads, including the New Zealand Herald, by nearly $480 million.

All of its regional papers are to be made "compact".

Deutsche Bank is conducting a strategic review of its New Zealand assets, fuelling speculation of a sale of at least some of its titles.
  
The company runs 20 daily and 100 non-daily newspapers in Australia and New Zealand, has five Kiwi radio networks and operates the daily deal website GrabOne.

It also has an outdoor advertising business.

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