Nine Entertainment CEO Mike Sneesby steps down
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The news: Nine Entertainment CEO Mike Sneesby will step down from the media group at the end of the month. The company’s chief finance and strategy officer, Matt Stanton will act in the role until a permanent successor is found.
The numbers: Sneesby's departure follows the release of Nine’s full-year results last month, which saw a 31% profit slide off the back of ongoing macroeconomic pressures and a protracted period of weakness in the television advertising market.
The context: Sneesby’s exit after more than three years at the helm, comes three months after the departure of Nine chair Peter Costello, who stepped down after being accused of knocking a News Corp journalist to the ground at Canberra airport.
Prior to his role as Nine CEO, Sneesby was CEO of its streaming platform Stan for more than seven years.
What they said: Nine said that "now is the right time for a transition of leadership" following the end of the Olympics and Paralympics and as the group moves into the "next phase of its strategic transformation".
Nine chair Catherine West said: "On behalf of the board, I thank Mike for his significant contribution to Nine over more than a decade".
"Matt Stanton is well-placed to lead the business while a search for a new CEO is underway," she said. "... Matt will work closely with Mike to ensure a smooth handover."
Sneesby said: "It has been a privilege to lead this 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.
"Together, we have navigated significant change in the media landscape in Australia."
The source: ASX announcement
