DCL appoints new directors | radioinfo

DCL appoints new directors

Thursday 12 June, 2003

DCL, which this week accepted an in-principal management buyout after earlier board disputes, has now advised of the addition of two new board members in this latest twist in the struggle for control of 3AK and 3MP.

The new board players are Craig Lovelady and John Jost. Their appointment signals a shift, once again, in the balance of power within the ownership group and will see the repositioning of shareholders into new alliances.

John Jost is an experienced broadcaster and journalist, having
previously established and successfully operated a commercial radio network in Tasmania. He has over 35 years experience in the radio industry as a respected journalist and media operator. He has worked in TV and radio for commercial and ABC networks, as well as managing and owning various stations.

Craig Lovelady has been involved in the operation of the radio stations since their acquisition and is a chartered accountant. He is aligned with former manager Jeff Chatfield, signalling that the Chatfield faction has regained control of the company as a result of the buyout.

Chatfield and Loveday previously had a management agreement, through their company Advent Management, to run DCL. Jeff Chatfield was Managing Director and Craig Lovelady was CFO and Company Secretary at that stage, but were terminated as a result of board action revoking the Advent Management agreement last month.

Chatfield was recently criticised in the press by former employees for his management style.

The management buyout this week (see earlier story) pre-empted a planned board meeting which was originally scheduled for tomorrow (Friday 13th). The meeting would have dumped at least some of the existing board.

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