Jeff Kennett has resigned from his 3AK Drive program – his final shift was last Friday. DCL shares fell as low as 7 cents (-41%) on the news, but have since bounced back to trade at around 9 cents.

Data & Commerce Ltd has announced that Kennett has resigned as a director of the company and as a presenter effective as of last Friday’s Annual General Meeting. He and his wife Felicity own about 10% of the company’s shares, although there has been heavy volumes of shares sold since the announcement.

DCL said Kennett’s involvement in broadcasting was “a bold experiment” and the company is now looking at “options regarding the status” of his 4 year contract.

PD Denis O’Kane is filling in until a permanent replacement can be appointed. Kennett’s program was recently extended to cover the Victorian Election. Kennett was rating a 3.4% share last survey, up by 0.9 on the previous survey.