APN announced yesterday that Michael Miller will replace Brett Chenoweth as chief executive.
Miller is a News Limited regional director who has held senior executive roles at News since 1997. He has also held directorships of Fox Sports Australia and Sky Network Television in New Zealand. He will start his new role in mid-June.
Chairman Peter Cosgrove said Miller had "broad media experience in senior hands-on operational roles".
"We are currently focused on re-engineering our publishing operations in both Australia and New Zealand, expanding our digital business to interact more closely with the publishing operations, as well as creating new products, and Michael is the right person to lead this process," said Cosgrove.
Miller's appointment was announced four days after Cosgrove told shareholders that APN would continue "vigorously re-engineering" its publishing businesses in Australia and New Zealand.
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Cosgrove reported that Australian Regional Media had suffered a 13% decline in revenue in the first three months of 2013. He also said New Zealand Media revenue had continued falling, although at a slower rate than before.
"Even so, our publishing assets generate significant cash flows and profits… and steps… are being taken to reduce costs, stabilise profits and find new revenues," he said.
"The board will continue to explore all options to strengthen the balance sheet and we are reducing debt."
APN posted a net loss of $456 million in 2012 largely due to $510 million of one-off items. Underlying net profit fell 30.4% year-on-year to $54.4 million and revenue fell 13.4% to $929 million, although debt declined from $646 million to $465 million.
Cosgrove said APN would cut debt by another $40 million to $50 million in 2013 "through organic cash generation, active management of the cost base and some asset sales".
Cosgrove also told the annual general meeting that APN's outdoor businesses were "performing well and are aggressively pursuing growth".
He added that APN's digital ventures had generated "strong revenue growth" and that its radio operations were making "increasingly valuable contributions to profit and the overall strength of the group".
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