Nine Entertainment has announced that Mike Sneesby will step down as chief executive officer and as a director on the Nine Board, effective from September 30.
Chief finance and strategy officer Matt Stanton has been appointed as acting CEO effective from October 1, while Nine undertakes a recruitment process to identify a new CEO.
Sneesby has been Nine CEO for three and a half years, and Stan CEO for almost eight years. He initially started working at Nine in 2007.
This comes after Nine has struggled with its toxic newsroom culture and launched an external review following allegations of abuse of power and "drunken, lecherous behaviour".
The company has taken an axe to newsroom numbers following the loss of revenue from Meta, as it now won't pay for news on its social media platforms.
Nine, like other Australian media companies, has been keeping a tight grip on costs as it battles a subdued advertising market.
Nine last month reported a 31% fall to $134.9 million in net profit after tax for the year to June in a challenging market.
Revenue was down 3% to $2.6 billion.
Total TV revenue fell 10% to $1.13 billion over the full year, impacted by a "weak" advertising market which continues into the current September quarter.
Sneesby, in an internal company email, said this year was the most challenging of his career.
"Recently when our Board opened a discussion with me about my tenure, we agreed that the timing was right to commence a leadership transition," Sneesby wrote.
"With commitments around Nine’s full-year financial results completed and Nine having successfully delivered the world-class coverage of the Paris Olympics and Paralympics, the Board and I agreed now was the best time for a transition to commence."
Sneesby said it has been a privilege to lead the business but now is the right time to hand over to a new leader.
"I take great pride in the achievements of the Company during my time as CEO and thank the Board, the leadership team and everyone at Nine for their support during my tenure," Sneesby said.
"Together, we have navigated significant change in the media landscape in Australia. I firmly believe Nine is Australia’s best media business, with premium assets and the sector’s leading media professionals.
"I am confident in the future of Nine and remain committed to ensuring a seamless handover to Matt.”
Nine chair Catherine West said the Board thanked Sneesby for his contribution to Nine for more than a decade.
"As CEO his achievements include guiding the company out of the challenging COVID-19 pandemic, securing the rights to the Olympic Games through to 2032 and progressing the strategic and cultural transformation of Nine," West said.
"The coverage of Paris 2024 showcased the power of the Nine’s diversified portfolio of premium media assets. It’s also important to acknowledge Mike’s immense contribution to the success of Stan, building a successful streaming service that now boasts a broad entertainment and sport footprint with more than two million paying subscribers.
“Matt Stanton is well-placed to lead the business while a search for a new CEO is underway. An experienced media, FMCG 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. Matt will work closely with Mike to ensure a smooth handover.
"Matt will be well supported by an experienced and passionate leadership team who will ensure Nine continues to build on its strategic priorities of Content, Data and our Integrated Audience Platform. Nine is in a strong position to execute the next phase of transformation and growth.”
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