Gina Rinehart is leaving the board of Network Ten but will keep her 10% shareholding in the free-to-air broadcaster.
The Sydney Morning Herald says Australia’s richest person is focusing on completing her $11.43 billion Roy Hill iron ore project which is due to start exports in September 2015.
Rinehart is still reportedly interested in her Ten investment and her intention to stand down from the board is just a practicality.
Rinehart nominated John Klepec, Hancock Prospecting’s chief development officer, to Ten’s board. The company confirmed he would be joining the board in a statement to the ASX. He has been Rinehart’s alternate director on the Ten board since October last year.
Ten’s shares have fallen more than 80% to 21 cents since Mrs Rinehart acquired her stake in 2010.
The broadcaster posted a $168 million loss last week.