Southern Cross Media CFO Tim Young resigns
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The news: Southern Cross Media has announced the resignation of its chief financial officer Tim Young, who will leave the media group at the end of January 2025.
The context: Young was appointed as SCA's CFO and head of strategy in January 2023 after more than a decade in senior roles at The Walt Disney Company.
SCA has appointed executive head of finance and transformation, Toby Potter, as acting CFO. In an expanded role, Potter will lead the combined commercial finance and business transformation functions with responsibility for SCA's financial stewardship.
The company said it will "assess the ongoing requirements of the CFO role in coming months" and provide an update accordingly.
The change in SCA's financial leadership comes after the group reported a 49% fall in profit for the 2024 financial year, and recommenced a strategic review of its non-core regional television assets.
On Tuesday, SCA announced the first outcome of that review, agreeing to sell its television licences in the three aggregated markets — Queensland, southern New South Wales and Victoria — to Network 10.
What they said: "In recent months, Toby has played a key role in leading SCA's earnings optimisation focus by applying his extensive experience in corporate financial management and governance," said SCA's chief executive John Kelly.
The source: ASX announcement
