Summarised by Centrist
NZME is poised for a major leadership change after months of shareholder pressure, with former National minister Steven Joyce nominated to replace Barbara Chapman as board chair – a move seen as a response to Canadian-born investor Jim Grenon’s campaign to reform the struggling media company.
Grenon, who owns just under 10% of NZME, has pushed for greater accountability, editorial reform, and cost-cutting after a $16 million loss (included $24 million non-cash writedown) in 2024.
He is expected to secure at least one board seat and retain influence over future direction.
Joyce’s nomination came via Chapman’s husband, shareholder Stephen Donoghue-Cox, and is being positioned as a stabilising compromise. NZME says Chapman will step down following the June 3 AGM if Joyce is elected.
While critics have painted Grenon as a politically motivated disruptor, his backers argue he is one of the few investors willing to confront editorial drift and declining trust in legacy media.
Grenon has long called for a shift toward more balanced, fact-driven journalism.
The revised potential board slate includes incumbents Guy Horrocks and Carol Campbell, former MediaWorks CEO Sussan Turner, tech expert Bowen Pan, and Grenon-aligned nominees Philip Crump, Des Gittings, and mediator Henri Eliot. Joyce and Chapman could be added to that, depending what happens, but there isn’t room for everybody.
Joyce brings both media and political experience, having built a successful commercial radio network before serving as a senior minister under John Key.
The outcome now lies with shareholders at NZME’s upcoming annual meeting, although a compromise could be reached first.
Image: By Estonian Foreign Ministry
