Michael Gudinski, Mushroom Records founder and now Chairman of the Mushroom Group of Companies, has joined the board of MCM Entertainment Group Limited (MEG).
Michael Gudinski. Photo by Ros O'Gorman
Gudinski is one of the major shareholders of MCM and was a director between December 2005 and March 2009.
He returns to the board with Philip Jacobsen, also a MEG board member previously between December 2007 and March 2009.
The MCM board restructure puts an end to the feud between founder Tony McGinn and Chairman Julien Playoust. Playoust has now resigned from the company as has non-executive directors Greg Smith and Vincent Donato.
In a statement, Michael Gudinski said, “I am very excited to re-join the Board to bring new ideas to MEG so that they not only enhance growth but continue as a leader in the new media space”.
MEG revenues for July-September 2011 were $7.953 million, an increase of 62% on the previous corresponding period.
MEG stock closed unchanged with no sales today at 9c.
