Network Ten general manager Russel Howcroft appointed to the board of Enero
Troubled holding company Enero has appointed former adman and general manager for Network Ten Russel Howcroft to its board.
Howcroft is a well-known figure in the advertising community as a regular panelist on the Gruen programs, and most recently led George Patterson Y&R in Melbourne and then nationally.
Enero owns ad agencies Naked Communications and BMF, PR agencies Hotwire and Frank PR and strategy shop The Leading Edge, but has seen its share price plummet in recent months after a series of disappointing financial results.
The appointment was announced to the Australian Securities Exchange today, with Enero Group chairman John Porter stating: “Russel’s vast experience and network in the industry brings a valuable asset set of skills to the board that will help to drive forward the group’s strategic goals.”
Howcroft left GPY&R in late 2012 to take the role with Network Ten as the third-placed free-to-air network looked to improve its fortunes with advertisers. Since joining Ten he has appeared on Woolworths backed show Recipe to Riches as a marketing adviser.
At the time he took the Ten role he was also named as non-executive chairman of the Y&R Group in Australia, although that role never actually came into existence.
The move also comes weeks before Enero CEO Matthew Melhuish’s current four-year contract is due to expire.
Melhuish
Melhuish said in a statement: “We are very pleased to appoint Russel to the Enero board. We look forward to Russel adding his deep knowledge of our industry to the board and management team.”
The company has seen CEO’s depart all but one of its agencies with an Australian operation since Melhuish took charge in 2012, five of those changes coming in the first few months of this year.
In recent months investor fund NAOS has taken a significant stake in the business, whilst last week a group called Contango Asset Management bought up 1.3m shares in the group taking its share to 6.79 per cent from 5.34 per cent.
According to a notice of director’s interests posted to the ASX Howcroft does not own any Enero shares.
Alex Hayes
Todd gets Qantas and Fairfax
Russ gets……Enero!
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interesting times at Enero.
There is still a fair bit of good talent in the group. Most of the individual companies are lacking a bit of investment to grow.
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What’s the money on the Enero role becoming so busy that Russ has to leave Ten management with his on-air contracts in place. Savings for Ten as Peta Webster is already the go to TV Exec in the Melbourne market.
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As a shareholder in Contango, I hope Matt can cut back on his purchases of designer clothes and Russell can turn media appearances into income generating opportunities.
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well, this should end well..
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