Gina Rinehart had tendered her resignation as a director of the TEN Network effective October 31, 2014.
Rinehart has recommended John Klepec to take her place as a director.
Klepec had increasingly attended board meetings on Rinehart’s behalf, given her expanding responsibilities in the Hancock Prospecting group, in particular, the financing and development of The Roy Hill Project, currently one of the largest construction undertakings in mainland Australia. Rinehart said she enjoyed working with the management of TEN and wished the board and its staff all the best.
In accepting her resignation, TEN’s executive chairman and managing director, Hamish McLennan, warmly thanked Rinehart for her contribution and support as a director of the company since December 2010 and acknowledged her continued support and ongoing active interest as a substantial shareholder. McLennan said: “It has been a very great pleasure working with Mrs Rinehart and I have appreciated her commitment and our discussions. I look forward to her ongoing involvement.”
The company also announced that John Klepec has been appointed as a director following the resignation of Rinehart. Klepec joins the Board as a nominee of Hanrine Investments Pty Limited.
Klepec is the chief development officer for Hancock Prospecting Pty Ltd (since 2009) and has also been Rinehart’s alternate director on the TEN Board since October 16, 2013.
McLennan welcomed the appointment of Klepec, as the representative of Hancock Prospecting.
“John has a wealth of experience in the business development area, having served with BHP Billiton Limited, Mayne Group Limited and the BGC Group, prior to his current appointment with Hancock Prospecting,” said McLennan.