The board of Ten Network Holdings Limited has elected Lachlan Murdoch as its new Chairman, with existing Chairman Brian Long to become Deputy Chairman and Lead Independent Director.
New CEO James Warburton has today also joined the TEN Board as Managing Director.
Brian Long said: “The Board is pleased that Lachlan has agreed to accept the role of Non-Executive Chairman. His extensive media experience will provide TEN with invaluable strategic leadership. As Interim CEO he reset TEN’s strategic vision and cost base and was instrumental in recruiting TEN’s new Chief Executive Officer, James Warburton.
“The Board believes that the combined media capability of James Warburton as TEN’s Chief Executive Officer and Lachlan Murdoch as Non-Executive Chairman provides the best opportunity for value creation for all shareholders.”
Lachlan Murdoch bought shares in TEN in October 2010 and was installed as acting CEO in February 2011 after the resignation of Grant Blackley.
Long has been Chairman since December 2010.
“I look forward to working with the Board and our new CEO to re-shape TEN and to improve its performance for the benefit of all,” said Murdoch.
“I wish to thank Brian Long for his leadership over the past 12 months and for agreeing to accept the role of Deputy Chairman and Lead Independent Director. As Lead Independent Director, Brian will represent the views of the independent directors with the Chairman, CEO and shareholders wherever appropriate.”