Following news that Ooh!Media has won the bidding war for street furniture company Adshel for $570 million, the chairman and director of Adshel parent company, Here, There & Everywhere (HT&E), has tendered his notice to retire.
Effective at the end of the month, Peter Cosgrove, who has held his position as chairman for five years, and had been on the HT&E board for 14 years, will exit.
Media and entertainment business HT&E, which is listed on the ASX, has assets across radio, outdoor and digital.
“The company is at pivotal point,” Cosgrove says. “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.
“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.”
HT&E CEO Ciaran Davis says Cosgrove 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.
“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," Davis says.
Robert Kaye will act as interim chairman of HT&E once Cosgrove exits while the company searches for a replacement.
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