Wednesday, April 20, 2011

Jasons CEO Resigns

We were surprised and saddened to learn that Jasons Travel Media CEO Matthew Mayne has resigned today.

Jasons blended the shock revelation in a market announcement on the NZX.

Mayne commenced his role with Jasons on 28th October 2008 following on from former CEO, Stephen Joyce that left the position to pursue his high profile political career. Mayne was a bold appointment that had a different look and style to Joyce and iconic company founder John Sandford.

Mayne is an experienced General Manager in the online media sector and took on the role at a challenging time as Jasons continues to take a dynamic journey as a travel print distribution company into an increasingly digital focused era.

This year under Mayne,  Jasons introduced a new and innovative offer for its 1600 motel accommodation providers for the 2012 season.

Motels will be aware that Jasons reps are on the ground now and well into their campaign of selling new combo deals of directory, online and mobile marketing for the 2012 year. New products have been launched that include: Freshening-up their online booking offer, iPhone/iPad app, Txt availability and a series of six webinars exclusive to moteliers that list with Jasons.

The way product was packaged and presented to advertisers was a radical departure from previous years. We acknowledge that parts of the offer are controversial for some and in hindsight could have been communicated to advertisers better. Time will tell if moteliers are "getting it" and are taking up the offer as expected.

Overall we think the Jasons offer is courageous, offers potential value to advertisers and has a distinct point of difference with their main competitor, AA Travel. 

We see that Jasons Chief Financial Officer, Michele La Riviere has been appointed interim CEO.

Further from the NZX market announcement:
"Jasons The company is currently reviewing the effect of the Christchurch earthquake on its Christchurch clients. Although there will be loss of revenue and profits as a result of the earthquake, the company anticipates that the full year to 31st March 2011 will still be in line with the previous year’s results.

The company has commenced a Strategic review of the business. The review will consider shareholding structure, alternative capital structures, organisational structure and management requirements to carry the business forward as we build online capability. An update on progress will be given in June, at the time of the full year announcement, along with expectations for the coming year."

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