High-profile billionaire director Gina Rinehart has walked away from her position on the Ten board but is keeping her 10% stake in the company.
Ten broke the news to the Australian Securities Exchange this morning. Rinehart is stepping down to focus on her iron ore interests in Western Australia.
She will be replaced by John Klepec, who also sits on the Hancock Prospecting board as chief development officer.
Klepec had been increasingly attending board meetings on Rinehart's behalf. He has been Rinehart's nominee since October last year.
Rinehart picked up her stake in Ten back in 2010.
Last month Ten outlined a total loss of $168.3 million for the 2014 financial year on the back of declining TV advertising revenue.
Just after the market opened, Ten's shares were up 2.27% to 22.5c.
Speculation has been rife of a possible merger between Ten and Fairfax, another company Rinehart has a substantial stake in, with her representative Jack Cowin sitting on the board.
It is unclear what impact the move will have on any potential deal, if any.
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