Canwest Global Communications Corp. announced today that Ms. Gail Asper, Mr. David Asper and Ms. Lisa Pankratz have tendered their resignations from the Company's Board of Directors and all other director and officer positions with Canwest and its subsidiaries.
In tendering their resignations, the members cited their respective desires to pursue other business commitments and charitable initiatives as well as to assist the Company's efforts to reduce the size of its Board. Derek Burney, Canwest's Chairman of the Board, said that these director positions would not be filled given the Company's court-supervised restructuring which commenced in October 2009, and the Company's newspaper and online publishing group pursuing a separate court-supervised financial restructuring plan, which commenced last month.
"I would like to thank Gail, David and Lisa for their years of skilled and dedicated service to Canwest's Board of Directors and the commitment that they have demonstrated to Canwest," Mr. Burney said.
He added: "I would particularly like to thank Gail and David for their decades of leadership and dedication to the vision that built Canwest. I know that their decisions were carefully considered and they have each acted throughout in the best interests of all stakeholders. I would also like to thank Lisa for her valued oversight and considerable contributions as Chair of the Pension Committee and as a member of the Audit Committee."
Mr. Burney noted that the Company will continue to benefit from Ms. Asper and Mr. Asper's considerable experience and legacy contribution through the restructuring process. Canwest has entered into consulting agreements with them for up to six months or until such time that Canwest emerges from CCAA protection, whichever occurs earlier.
Leonard Asper, Canwest's President and Chief Executive Officer and a director, will continue to serve in each of his present positions with the Company and its subsidiaries. The remaining Board members Derek Burney, David Drybrough, David Kerr and Margot Micallef are Independent directors actively involved in the Company's financial restructuring activities.