Jim Grenon criticizes NZME's poor performance and governance

Jim Grenon, a billionaire businessman from Auckland, has shared his concerns about NZME, the media company. His full letter has been made public by NZME itself. In the letter, Grenon criticizes the company's performance and governance. Grenon describes the operational performance of NZME’s key areas, publishing and audio, as "mediocre" and "sliding" over the past eight years. He notes that there was a brief period of improvement during the COVID pandemic, but it did not last. The letter also expresses concerns about how NZME handles public disclosures. Grenon points out a "consistent pattern of overpromising and under-delivering" since COVID. He questions the company's cost management, including the salary of the CEO. Grenon emphasizes he will not be a passive board chair. He highlights issues in journalism and employee morale, signaling that significant changes may be needed for the company to improve.