Today, shares of APN News and Media Limited (ASX: APN) shrugged off a swooning share price to jump as much as 5% higher on the back of a resignation and appointment to its leadership team.
After more than two years in the top job, current CEO, Michael Miller, announced his resignation in order to take the executive chair position of News Corp's (ASX: NWS) Australasian business later in the year.
Current CEO of the Australian Radio Network, Ciaran Davis, will take the reins from Mr Miller at 1 September 2015.
Commenting on Mr Miller's resignation APN Chairman, Peter Cosgrove, said, "I would like to thank Michael for his significant contribution as CEO of the Company. He has done an excellent job setting the growth platform for APN and building a strong leadership team."
APN's share price has recently come under pressure from investors looking to exit an industry in structural decline.
However, earlier this year, News Corp acquired a 14.99% holding in APN. It cited, "a high-quality portfolio of Australian and New Zealand radio and outdoor media assets and small regional print interests."
Mr Davis joined APN in 2010, bringing a number of years of international media experience to the business. "Ciaran's outstanding leadership and successes at APN, including taking the Company to be Australia's number one metropolitan radio network, made him the natural successor to replace Michael Miller," Mr Cosgrove said.
"Ciaran's ability to execute and communicate complex business plans, overlaid with years of international media experience, means he is ideally placed to build on the strong momentum and growth strategy we have in place."
Under his two-year contract Mr Davis will be paid a fixed sum of $1.2 million per year, plus up to an additional 50% in short-term incentives as well as long-term incentives up to a maximum value of $660,000.
