Here, There & Everywhere (HT&E) has announced that Peter Cosgrove has tendered his notice to retire as chairman and a director of the company.
Cosgrove has been on HT&E’s board for 14 years and chairman of the company for five of those years.
The resignation of Cosgrove comes just after oOh!media acquired HT&E’s outdoor media business, Adshel, for $570 million.
The board has appointed Robert Kaye as interim chairman of HT&E, who will commence his role once Cosgrove’s resignation becomes effective at the end of June.
HT&E chief executive Ciaran Davis said Cosgrove has been integral to the company’s transformation.
“Peter has led the board through a comprehensive change program at HT&E that saw the company successfully exit traditional publishing and reposition the business focusing on growth media assets,” he said.
“This strategy resulted in a fantastic sale price for Adshel and the board management team sincerely thank Peter for his considerable effort, contribution and commitment over the past 14 years.”
Commenting on his departure, Cosgrove said HT&E is at a “pivotal point”.
“The divestment of Adshel is a good result for shareholders and provides a number of strong capital management initiatives to further strengthen the business,” he said.
“In my view, the company has never been in better shape, with a strong balance sheet and the number one metropolitan radio business in the country with exceptional margins and cash generation.
“I believe now is the right time for me to step aside in an orderly manner that will allow for board renewal and a fresh approach.”