One of New Zealand’s most experienced media executives is quitting – the latest in a series of high-profile departures and changes in the industry.

MediaWorks commercial director Liz Fraser is leaving after two-and-a-half years in
the role – she is joining corporate travel and expense solutions business Serko Ltd as chief revenue officer.

Her departure follows the fulltime appointment of Wendy Palmer as MediaWorks CEO. Fraser was widely considered to be a contender for the CEO role.

Fraser’s move leaves the door open for NZME chief commercial officer Paul Hancox to join MediaWorks’ executive team. He announced his resignation from NZME in June, saying he was joining MediaWorks in a senior commercial role early next year.

There have been senior leadership shake-ups at just about every media business this year – TVNZ lost CEO Simon Power and gained a new-look board; several executive appointments have been announced at NZME, Stuff and Sky; and MediaWorks lost CEO Cam Wallace and several other senior leaders.

Commercial media businesses are facing economic challenges and handling careful cost management plans, while rebuilding themselves around refreshed digital and audience strategies.

MediaWorks has yet to file its 2022 financial accounts with the Companies Office.

Fraser joined MediaWorks in 2021, following six years at Air New Zealand including regional general manager for the Americas and customer GM.

She will join Serko in early 2024.

Serko CEO Darrin Grafton said Fraser had extensive experience driving revenue growth in the travel and media sectors, with senior leadership roles at TVNZ, Air New Zealand and MediaWorks.

“We are thrilled to welcome someone of Liz’s calibre and experience to the executive team at Serko.”

In a statement, Fraser said: “Embarking on this new journey with Serko, I am looking forward to stepping back into the world of travel and exploring the limitless horizons of innovation in this space.

“I’m excited to be joining a team that is truly passionate and dedicated to creating products and providing services that make a difference in the world of business travel.”

In an internal memo, Palmer paid tribute to Fraser’s commercial and leadership abilities. “I know her bright and vivacious personality will be missed by her team, our customers and partners, and the wider business.”

“Since joining MediaWorks in March 2021, Liz has led her team with passion and drive and has built fantastic relationships with our agency partners and customers,” said Palmer.

“Liz was instrumental in navigating the business through the Covid lockdowns and the challenges of the pandemic. She also played an important role in helping establish and embed the purpose and values that form the backbone of our culture change programme.”

MediaWorks’ finances

As Media Insider reported last month, MediaWorks’ 2022 finances were meant to be filed by the end of May, and then by September 1. There’s still no sign of them although the media firm has previously assured reporters they will be released.

The numbers are not expected to be pretty, following losses in 2020 ($4.8 million) and 2021 ($2.9m). The media industry is facing even stronger headwinds now – earlier this year, MediaWorks announced plans to cut about 90 jobs and in late March it closed Today FM.

The radio and outdoor media company now has the Ministry of Business, Innovation and Employment (MBIE) breathing down its neck, with reports that MediaWorks is one of 145 companies referred to the ministry’s integrity and enforcement team.

MBIE integrity and enforcement manager Vanessa Cook told BusinessDesk the companies would now be reviewed by the unit “to consider infringement for non-compliance with their financial statement filing obligations for the 31 December 2022 reporting period. MediaWorks Investments Limited is on the list of referred companies”.

In a statement to Media Insider last month, MediaWorks “acknowledges it has not yet filed financial statements for FY22″.

“We are disappointed that information about enforcement action was shared with the media but not notified to MediaWorks,” said a spokeswoman.

“We have not received any formal notification that the matter has been referred to MBIE’s integrity and enforcement arm.

“After our inquiry, MBIE has now indicated that such notification may come in the next few weeks. We intend to have our statements filed before any enforcement action is necessary.”