Nine Chief Finance and Strategy Officer Matt Stanton will assume the acting CEO position while the company looks for a suitable candidate.
Nine Entertainment has announced its CEO, Mike Sneesby, will officially resign on Sept. 30 after three and a half years in the position.
In a notice to the Australian Securities Exchange, the mass media company, which owns television, radio, and newspaper assets, said Sneesby and Nine’s board of directors believed now was “the right time” for a transition.
Nine Chair Catherine West thanked Sneesby for his contribution after a decade in the company, including guiding it out of the COVID-19 pandemic, securing the rights to the Olympic Games through to 2032, and contributing to the success of the streaming service Stan.
West also announced that Nine’s Chief Finance Officer, Matt Stanton, would assume the role of acting CEO while the company looked for a suitable replacement.
“An experienced media, FMCG [Fast-Moving Consumer Goods] and retail executive with a deep understanding of transformation programs, Matt is the right choice to ensure stability and continuity for the Nine business and our people,”
she said in the notice.
“Matt will work closely with Mike to ensure a smooth handover.”
In addition, the chairwoman said Nine was in “a strong position” to carry out the company’s next transformation phase.
Meanwhile, Sneesby said it was a privilege to lead the media company and that he took pride in Nine’s achievements during his tenure.
“I am confident in the future of Nine and remain committed to ensuring a seamless handover to Matt,” he said.
Nine’s Troubled Year
Sneesby’s departure comes as Nine endured a difficult year.It was reported in May that former news chief
Darren Wick, who left the company after 29 years, was accused of sexual harassment and inappropriate behaviour.
There were also
allegations from the media union, Media, Entertainment and Arts Alliance (MEAA), about a “toxic culture” of harassment, bullying, sexual harassment, and favouritism at Nine’s television newsrooms.
The MEAA said this resulted in an unsafe workplace for the company’s female staff.
In June, Nine’s former chairman,
Peter Costello, resigned after it was alleged that he assaulted a journalist at Canberra Airport. Costello, however, denied the allegation.
In the same month, Nine announced that it would shed
200 jobs due to advertising challenges and revenue loss in the aftermath of the Meta deal.
One month later,
Nine journalists went on a five-day strike after pay negotiations between the staff and the company management broke down.
