Seven announces new corporate structure amid $120m cost-out
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The news: Seven West Media has announced the appointment of Craig Haskins as chief financial officer amid a restructure that has cost more than 100 jobs in a bid to save some $120 million in costs.
The reorganised Seven has been split into three separate divisions. The first is television, which will be led by former programming boss Angus Ross as managing director.
The second is a digital division, which will be led by the company’s chief digital officer Gereurd Roberts. The third division will be dedicated to Western Australia and be led by Maryna Fewster, who stays put as chief executive of the company’s state-based operations.
Seven’s director of operations and transformation, Trent Dickeson, has been appointed to the newly created role of chief operating officer.
The context: The announcement comes on the heels of a wave of job cuts at Seven designed to save $120 million in the face of a tough advertising market and Meta’s decision to dispense with media deals in the Australian market.
Some 150 jobs have been targeted for redundancy since Tuesday as part of the cost-cutting program, according to two people with knowledge of the plans. The Sydney Morning Herald first reported the cuts.
Among the highest-profile casualties are Seven’s chief marketing officer, Melissa Hopkins, chief revenue officer Kurt Burnette, and Lewis Martin, head of sport and managing director of Seven Melbourne, the people said. The Australian Financial Review earlier reported their departures.
What they said: “To build a better media business and to make the most of the opportunities ahead of us, we need to change the way we think and operate,” Seven chief executive Jeff Howard in a statement Wednesday.
“We’re setting up new, accountable and transparent profit centres for our Television and Digital business units. The dedicated, end-to-end digital business unit will make sure we capture all the growth digital is going to deliver. Television and Digital will work very closely with our content teams to ensure we maximise the digital growth opportunity as it develops.”
The source: ASX announcement
