After much speculation Ten Network Holdings Limited has today announced that former interim-CEO and current TEN shareholder Lachlan Murdoch has been elected as the company’s Chairman. This move means that TEN’s existing Chairman Brian Long will become Deputy Chairman and Lead Independent Director.
In TEN’s press release Brian Long said:
“The Board is pleased that Lachlan has agreed to accept the role of Non-Executive Chairman. His extensive media experience will provide TEN with invaluable strategic leadership. As Interim CEO he reset TEN’s strategic vision and cost base and was instrumental in recruiting TEN’s new Chief Executive Officer, James Warburton.”
Mr Murdoch, speaking of today’s announcement, said:
“I look forward to working with the Board and our new CEO to re-shape TEN and to improve its performance for the benefit of all shareholders.”
It was also announced that new CEO James Warburton has joined the TEN Board as its Managing Director.
TEN shares this morning were trading at $0.89 per share.