APN Outdoor CEO Richard Herring is retiring, effective September 30, with CFO Wayne Castle to step in as interim CEO while a replacement is chosen.
The ASX-traded company has made no indication of when a successor will be chosen, with a spokesperson telling Australian Printer there is no timeline for the decision as of yet.
Richard Herring, CEO, APN says, “I have had a long and wonderful career at APN Outdoor, and proud to have led the company during a period of immense technological change and substantial growth. With a strong management team in place and a bright future ahead for the company, I feel that the time is right for me to step down.”
He leaves APN as the company scores a big tender, renewing its contract with Sydney Buses for the next five years. APN has held the contract now for 20 years, and it will cover 2,000 buses and more than a dozen depots across the city.
APN is one of the major outdoor businesses, booking work worth almost $1bn in the last financial year. It uses multiple printers for work, and owns its own printer GSP.
Herring says, “We are committed to the continual development of our Transit portfolio and the Sydney Buses contract win plays a vital part of our broader strategy for this format. As the predominant provider of transit advertising across Australia, there is no doubt that this win is of strategic importance to APN Outdoor and our identity in the advertising market. Sydney Buses is one of the largest outdoor contracts in Australia and securing it for a further five year term is a credit to our tender response team.”
Doug Flynn, chairman, APN outdoor says, “We sincerely thank Richard for his commitment and significant contribution over the past 22 years with APN Outdoor, and in particular the strong leadership he has provided as CEO over the last 13 years. Richard has overseen the growth of the company from $226m revenue in 2013 to over $331m revenue last financial year, and managed the company through its successful ASX listing in 2014.”
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