APN Slumps After CEO Resigns Amid Independent News Pressure
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APN News and Media Ltd., publisher of the New Zealand Herald newspaper, slumped the most in two months in Sydney trading after its chairman and chief executive officer resigned amid pressure from its largest shareholder.
Shares of the company fell 8.3 percent, the most since Dec. 14, to 27.5 Australian cents at the close in Sydney. Chief Executive Officer Brett Chenoweth, Chairman Peter Hunt, and three independent directors have resigned because of a disagreement with Independent News & Media Plc., the company said in a regulatory statement yesterday.