Following the unfolding of the Jag Sanger drama, media house and classified ads agency The Market Herald (ASX: TMH) is attempting to move on from the awkwardness with the appointment of new Interim CEO Tommy Logtenberg.
Logtenberg is also the CEO and CFO of classified ads company Gumtree, which was acquired by The Market Herald in October 2022 (representing Gumtree’s turbulent path to become an ASX-listed business). He will be taking on the responsibilities of TMH CEO while retaining those at Gumtree.
Logtenberg has been the CFO of Gumtree, Carsguide and Autotrader for three years, having been appointed around the start of Covid in Feb 2020. Prior to that, he was the Global Finance and Strategy Manager at eBay classifieds.
On December 2, 2022, shareholders called for the immediate removal of TMH’s Managing Director Jag Sanger, following the Company’s losses and financial volatility. However, before he could be ousted by shareholders, Sanger resigned. Subsequently, the Section 249D requisition meeting—executed by David Argyle—was canceled.
Argyle had a bone to pick with Sanger who unabashedly struck deals that could (and did) deteriorate the Company’s financial standing. That said, The Market Herald’s focus will remain on advertising; perhaps it could change its name to “The Marketing Herald”, for accuracy’s sake.
The Company completed the acquisition of Gumtree, Autotrader and Carsguide in October 2022 for about $86.6 million. Perhaps, it was a bid to make up for its losses in FY22. Or, potentially to cement its new identity as a digital advertising agency. In FY22, The Market Herald’s total revenue fell by $8.2 million on FY21, and it incurred a loss of $21 million.
Besides these acquisitions, the Company also undertook cost-cutting measures, i.e. laying people off under Sanger.
As the Company undertakes a post-Sanger makeover, on January 11, 2023, it appointed Twila Jensen as an executive director of the Company with immediate effect, replacing Colin Chenu. Previously, Jensen worked at Stockhouse Publishing, which was acquired by The Market Herald in 2019.
The Market Herald’s motto is “first with the news that moves markets” and in the case of the internal drama that has spilled into the public domain, they’ve certainly generated it.
Alinda is a Business Reporter for The Sentiment
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