Shareholders not informed of Sky chair's return to the UK

The chair of Sky TV has sold his main residence in Herne Bay and is back in the UK – and it is understood he does not plan to return. 

Bowman’s house, billed as a “luxurious sanctuary”, was listed on Trade Me at the end of September. The real estate agent responsible refused to give its indicative price to NBR although other sector sources put the price at a likely $3 million plus for the three bedroom, three bathroom property. 

The property is billed as being on “one of the most prestigious streets on the Northern Slopes of Herne Bay.”

Bowman is understood to have also sold another property in Waiheke Island some time previous to the current sale, but offering up his main residence has been what set shareholder tongues wagging.

Shareholders were not informed the chair had relocated at the company’s recent shareholding meeting, a virtual meeting at which all executives including Bowman addressed over Zoom.

NBR contacted Sky to ask if Bowman had left and if he intended to remain as Sky chair. A Sky spokeswoman confirmed Bowman had left New Zealand and was in Europe presently, and "remains as chair and fully committed to serving in that role", but would not comment further. 

Chairmanship
Bowman was appointed chair of Sky in September 2019, having served on the board of Sky UK for 10 years and holding other leadership positions for companies including Allied Domecq, Scottish Power,and Bass Retail. He also sits on the board of New Zealand’s Kathmandu as well as Ferrovial SA. 

Bowman’s departure back to the UK follows that of former chief executive Martin Stewart, who left the company abruptly in December 2020. At the time Sky said the exit was mutually agreed, but other scuttlebutt has suggested the board was unhappy with the lucklustre shareprice performance under Stewart's stewardship.   

Even so, the former CEO left with a $2.8 million parting payment. 

Since ascending to the CEO role, Sophie Moloney has undergone a cost-out exercise in the company with the help of former CFO of Foxtel, James Marsh, “to provide an expert external eye as we drive ourselves to re-examine every cost line, especially any and all third party spend” she said at the shareholder meeting.

The latest in a long line of executives to leave the broadcaster announced his resignation on Thursday. Michael Frampton, chief people officer and COO, leaves just a month after head of sport production, Brian Hitchcock, and director of live sport Innovation & community engagement, Tex Teixeira in October.  In April, chief customer office Chaz Savage and chief creative officer Steve Bayliss left the company.

Earlier this year the Herald reported that Sky had engaged an external lawyer following allegations of bullying, harassment and toxic culture at the broadcaster.