The board of Ten Network Holdings Limited today announced that Mrs Gina Rinehart had tendered her resignation as a Director of Ten effective October 31, 2014.
The board recommended her alternate director, John Klepe take her place as a director.
Klepec had increasingly attended board meetings on Mrs 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. Mrs 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 Mrs Rinehart for her contribution and support as a director 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 Mrs 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 Mrs Rinehart’s alternate director on the Ten board since October 16, 2013,