APN Outdoor has won the state transit contract for Sydney Buses for a further five year term on improved financial terms, while its CEO Richard Herring is retiring, effective September 30.
APN Outdoor has held the Sydney transport contract for two decades. The new contract involves nearly 2,000 buses across more than a dozen city depots.
Richard 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 of 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 years is a credit to our tender response team, who continue their success in retaining and winning major outdoor contracts.”
[Related: APN signs new digital agreement]
Herring, who has has been the CEO of APN since 2004 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.”
Chairman of APN Doug Flynn says, “We sincerely thank Herring for his commitment and significant contribution of 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 $331m revenue last financial year, and managed the company through its successful ASX listing in 2014.”
Herring will work with the board on a leadership transition, and will continue to advise and assist the company over the coming months.
APN says in accordance with corporate governance best practice, the board has commenced a formal process to identify a new CEO. Both internal and external candidates will be considered in this process.
In the event of a transition period, Wayne Castle, the company’s current CFO will be appointed interim CEO. Castle is well known to the APN Outdoor shareholders and advisors.
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