Michael Wood’s attempt to paint businessman Jim Grenon as a threat to editorial independence met the axe.
In an ongoing exchange over NZME’s future, Grenon dismissed accusations from the former Labour minister, calling them a “clumsy deception” designed to mislead.
“I note the union has changed what it actually said in my release… That is just clumsy deception,” Grenon said, pointing out how Wood and the E tū union misrepresented his intentions.
Grenon, who holds nearly 10% of NZME shares, has gained further backing in his push for board changes. NZME’s largest shareholder, Australian-based Spheria Asset Management, has now confirmed its support, stating that “maintaining the status quo is not an option.”
Spheria’s Matt Booker noted NZME’s financial performance has declined sharply in recent years and said Grenon’s nominees would help strengthen the company’s direction.
Meanwhile, NZME chair Barbara Chapman maintains that the company is “performing strongly” and that the board renewal process must be “structured and deliberate.” The upcoming April 29 shareholders meeting will give investors a chance to determine the company’s path forward.
Wood’s criticism comes despite his own past controversies over transparency. The former minister was forced to resign after failing to disclose shareholdings in Auckland Airport and other companies.
Grenon noted, “Being portrayed as a cartoon villain lacking transparency on shareholdings… I would note the irony of being lectured by Michael on that particular point.”
Centrist Ltd.