HT&E chairman Peter Cosgrove resigns

Peter Cosgrove, chairman and director of ARN‘s parent company HT&E, has tendered his resignation from the board.

He’ll depart at the end of June, with the move coming off the back of HT&E’s decision to sell its street furniture company Adshel to Ooh Media.

The deal was announced yesterday, and Ooh Media confirmed it had paid $570 million for Adshel.

“I believe now is the right time for me to step aside in an orderly manner that will allow for board renewal and a fresh approach,” said Cosgrove.

Cosgrove spent 14 years on the HT&E board, serving five in his current role.

“The company is at a pivotal point. The divestment of Adshel is a good result for shareholders and provides a number of strong capital management initiatives to further strengthen the business.

“In my view, the company has never been in better shape with a strong balance sheet and the number one metropolitan radio business in the country with exceptional margins and cash generation.”

Robert Kaye will serve as chairman in the interim, while the company appoints a permanent replacement for Cosgrove.

HT&E CEO Ciaran Davis lauded Cosgrove for taking the company through a transition that saw it depart traditional publishing, changing from APN News & Media to become HT&E.

“Peter has led the board through a comprehensive change program at HT&E that saw the company successfully exit traditional publishing and reposition the business focusing on growth media assets,” said Davis.

“This strategy resulted in a fantastic sale price for Adshel and the board and management team sincerely thank Peter for his considerable effort, contribution and commitment over the past 14 years.”

In May, Cosgrove floated the possibility of selling ARN and holding onto Adshel, but this seems to indicate HT&E have gone the other way.