Rinehart quits Network Ten board

Billionaire Gina Rinehart has quit the board of the Network Ten.

Mrs Rinehart, who is one of Ten's major shareholders, will be replaced on the network's board by John Klepec.

Ten said that Mr Klepec had been increasingly attending Ten's board meetings on behalf of Ms Rinehart as she was busy running Hancock Prospecting.

Ten's executive chairman and managing director Hamish McLennan thanked Mrs Rinehart for her contributions during her three years on the board.

"It has been a very great pleasure working with Mrs Rinehart and I have appreciated her commitment and our discussions," he said in a statement on Monday.

"I look forward to her ongoing involvement."

Rumours emerged in October that Mrs Rinehart was considering stepping down from Ten's board but would retain her stake in the broadcaster.

Mr McLennan said Mr Klepec, who is Hancock Prospecting's chief development officer, had a wealth of experience in business development.

"We welcome John to the board and see his appointment as a director of the board of Ten as providing continuity following his role as an alternate director for Mrs Rinehart at Ten," he said.

Shares in Ten were 0.25 of a cent higher at 22.25 cents at 1031 AEDT.

More to come.