CanWest Global Communications Corp.'s president and CEO Leonard Asper resigned today as president and chief executive. Photo by The Canadian Press
Leonard Asper has resigned as the president and CEO of restructuring media company Canwest Global Communications.
Asper, the son of late Canwest (TSXV:CGS) founder Izzy Asper, says he's stepping down to avoid any potential conflict of interest as the company sells it assets under a massive restructuring process.
Canwest owns the Global TV network and a number of major Canadian daily newspapers including the National Post, the Montreal Gazette and the Ottawa Citizen.
The company has been operating under protection from creditors since last year after it ran into trouble paying down a massive $4-billion debt.
Calgary cable giant Shaw Communications (TSX:SJR.B) has struck a deal to take control of Canwest's TV and broadcasting assets and a number of suitors have come forward to bid separately for the newspapers.
Asper will continue on as a consultant to Canwest until the restructuring process has been completed.