Nine Entertainment is closer to announcing a CEO to replace Hugh Marks
A clue is contained in the resignation from the board of directors of Patrick Allaway, one of three who came to Nine with the Fairfax merger.
Nine says he will step down in early April and that this will "allow for an orderly transition for the business, in light of the appointment of the new CEO and succession arrangements".
How a departure of a director is connected to appointing a new CEO has not been explained.
Reports suggest there is tension between former Fairfax directors and those originally with Nine.
Allaway, a finance person, is a busy non executive director. Among his gigs is chair of the Bank of Queensland which is buying ME Bank for more than $1.3 billion.
"With more intense duties now as chairman of Bank of Queensland I have taken this opportunity to step down and allow for orderly renewal on the Nine board," says Allaway.
Chairman Peter Costello thanked Allaway for his commitment to Nine and, prior to the merger, to Fairfax.
"We will make an announcement regarding a new director closer to the time of Patrick’s departure," says Costello.
Industry insiders say Carl Fennessy, the former head of production house Endemol Shine Australia (Married at First Sight and The Voice), is a frontrunner for the big job at Nine.
The surviving internal candidates are Mike Sneesby, the CEO of Nine's streaming platform, Stan, and Chris Janz, Nine's chief digital officer and head of publishing, the insiders say.
Marks announnced in November last year that he was stepping down.
Nine, whose shares hit a multi-year high of more than $3 this week, has been a stand out player in the Australian media landscape, emerging from the coronavirus in better than expected financial health.
Marks has been driving the company to a digital future, has positioned the high value streaming platform Stan for more growth and has the Nine network increasing its share of the television advertising dollar.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.