Jug Sanger, Founder and MD of The Market Herald
This post has been updated
Jag Sanger has been dismissed as MD of The Market Herald, the ASX-listed parent company of Gumtree Australia, AutoTrader and CarsGuide.
The announcement comes just hours after one of the company’s biggest shareholders moved to force Sanger out of the company. Mr. Sanger will continue to serve as a non-executive director.
Market Herald plans to acquire three classified marketplaces from Adevinta in August for AU$86 million (US$60 million), making them more direct competitors to Carsales, Australia’s leading online automotive marketplace is standing
In a statement issued to ASX, the company said the move was taken following a review of its business and ongoing discussions with its board of directors regarding the company’s future direction.
The company’s shares are in a trading halt.
Tommy Logtenberg, CFO of Gumtree Australia, AutoTrader and CarsGuide, has been appointed interim CEO of The Market Herald while the company searches for a replacement for Sanger. Logtenberg previously served as Global Finance and Strategy Manager for EBay Classifieds Group.
Sanger’s departure follows a move by David Brian Argyle, who owns a 27% stake in The Market Herald and father of director Gavin Argyle, to convene additional AGMs to remove Sanger as the company’s MD. .
The Australian reports that Sanger and Gavin Argyle have “clashed over the financial pressures facing the business in recent weeks, with some of the company unhappy with its recent acquisition of an advertising publication. ”
****
(Posted earlier 🙂
The Market Herald, the ASX-listed parent company of Gumtree Australia, AutoTrader and CarsGuide, has halted trading after shareholders moved to sack founder and managing director (MD) Jag Sanger.
The Market Herald, which held the 2022 AGM yesterday, acquired Gumtree’s assets, including the automotive industry’s CarsGuide and AutoTrader, from Adevinta for $60 million in August 2022.
In a statement to ASX, the company said it had received a notice under Section 249D of the Companies Act from shareholder David Brian Argyle. He has asked the company to hold another AGM of him to consider dismissing Sanger. Argyle holds his 27% stake in the company.
“David Brian Argyle … I request that the company convene and arrange to hold a general meeting to consider the dismissal of Jagdip Singh Sangha as director with immediate effect,” the statement said. rice field.
“The company will take the necessary measures to convene a general meeting of shareholders in accordance with the Companies Act.”
