SYDNEY: After months of knocking on West Australian Newspapers' door, combative Australian media tycoon Kerry Stokes (pictured) and his henchman, Peter Gammell, have finally bulldozed their way on to the firm's board.
Stokes, whose television company Seven Network has a 22.4% stake in WAN, has been pursuing the publisher since the beginning of the year, demanding it ousts all non-executive directors and appoints him and Gammell in their place – effectively ceding control of the firm.
For its part WAN has, until now, repelled all boarders but chairman Peter Mansell finally conceded an enlarged board - eight directors, up from six - reflecting Seven's ownership level.
Stokes has responded graciously, saying "Peter and I look forward to making a contribution to WAN and to working for the benefit of all shareholders."
Stokes, whose television company Seven Network has a 22.4% stake in WAN, has been pursuing the publisher since the beginning of the year, demanding it ousts all non-executive directors and appoints him and Gammell in their place – effectively ceding control of the firm.
For its part WAN has, until now, repelled all boarders but chairman Peter Mansell finally conceded an enlarged board - eight directors, up from six - reflecting Seven's ownership level.
Stokes has responded graciously, saying "Peter and I look forward to making a contribution to WAN and to working for the benefit of all shareholders."
Data sourced from Sydney Morning Herald; additional content by WARC staff
