Former JB Hi FI Boss Gets Seven Director Gig
Days after quitting JB Hi-Fi former chief executive Richard Uechtritz has been appointed a director of Seven Group Holdings.
Mr Uechtritz, who resigned from JB Hi-Fi in February but stayed on till May after a 10-year stint as chief executive, played an important role in turning the retail chain into a $2bn company.
Seven Group shares have fallen almost 19 per cent since April. Earnings from its media businesses, which include the Seven Network and Pacific Magazines, are expected to be stronger as advertising markets improve.
Also appointed to the board is Crown director Chris Mackay the former head of investment bank UBS in Australia.
The Australian newspaper describes this as a significant move because he also sits on the board of two companies controlled by James Packer — Crown and Consolidated Media Holdings. It appears to underline the peace that has broken out between the Stokes and Packer camps since Seven grabbed a 22 per cent stake in ConsMedia in the middle of last year. The billionaires called a truce in September when Mr Stokes agreed not to buy any more ConsMedia shares for 12 months in exchange for two board seats, which went to Seven chief Peter Gammell and Seven director Ryan Stokes. It is believed Mr Packer expressed no objection to Mr Mackay joining the Seven board.