What Brett Chenoweth told APN staff after he was ousted as CEO yesterday

“It is with much regret that I need to inform you that I will be leaving APN tomorrow. The Chairman and I and a number of the independent directors have today resigned from the Board of APN. This was not a decision that was made lightly by any of us.

Following a series of discussions regarding the need to raise capital it has become clear that my views  and those of the major shareholders in respect of this matter are irreconcilable. As such, my position and the position of a number of the directors, became untenable.

So….I will now not be in a position to finish what I have started. This is the first time in my life that I can say that and I am very disappointed.

APN is a fantastic company with some of the best and most talented people that I have ever had the pleasure of knowing. I am proud of all of our businesses. Both ARM and NZM have faced tremendous headwinds (and floods and earthquakes..) but they are performing best in class, in a very tough industry. Our Radio businesses are thriving and have a very big and bright future. Outdoor is rock solid and the growth has been extraordinary and we now have a Digital group and investments that have given APN true ‘digital credibility’ in Australia and New Zealand, with a long and prosperous road ahead. All of these achievements you should be very proud of. I know that I am.

As for me, I will be an interested observer and will always be available if anyone needs me.”