KordaMentha, Ten conflict concern

News Corp names new finance chief

PUBLISHING group News Corp Australia has appointed Stacey Brown its permanent chief financial officer.

Ms Brown has been acting in the role since March and succeeds Susan Panuccio, who was promoted to the role of global chief financial officer at News Corp, in New York. News Corp Australasia executive chairman Michael Miller said Ms Brown had an indepth understanding of the company’s varied operations.

Combined with her extensive financial management expertise, it ensured she would provide “the requisite financial leadership and vision”, Mr Miller said.

Ms Brown has worked as an executive at the Lowy Financial Group, Qantas Airways and developer Multiplex. She joined News Corp, publisher of the Bulletin, in 2012. THE corporate regulator says almost $1 million of work carried out by insolvency specialist KordaMentha before it was appointed Ten Network administrator raises concerns of a perceived conflict of interest.

Leon Zwier, representing KordaMentha partner Mark Korda, who is leading the administration, told the Federal Court yesterday the Australian Securities and Investments Commission had “concerns about an apprehended lack of independence”.

He said the Australian Restructuring Insolvency and Turnaround Association shared those concerns. Mr Zwier told the court neither body contended “there will be an actual conflict of interest”.

The board of the stricken broadcaster placed it in administration last month.

The hearing continues.