Keeping it in the family

The chairman of Funtastic, Graeme Yeomans, said yesterday that James Flintoft would join the five-member board. Mr Flintoft is married to Siobhan McKenna, who is the managing partnerof Mr Murdoch's investment company Illyria.

Mr Murdoch is the third-largest shareholder in Funtastic, with a 7 per cent stake. Separately Mr Flintoft and Ms McKenna own 1.3 million shares, or 0.3 per cent of the company.

Mr Flintoft is a former senior manager at ANZ, where he worked for the past decade. He and Ms McKenna both once worked for the corporate advisory firm McKinsey & Company.

Mr Yeomans said Mr Flintoft's experience in strategy development, mergers and acquisitions and change management would be welcome. The company has been hit by falling sales triggered by the collapse of the customer and part-owner ABC Learning.

Last month Funtastic warned its earnings would fall by up to $60 million this financial year.