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Nine Entertainment Co (ASX: NEC) boss Mike Sneesby will step down as CEO of the media group following “one of the most challenging years” of his career.
Sneesby, who has led Nine for the three-and-a-half years, plans to exit the company as both CEO and director from 30 September 2024.
In an email to staff revealed by Nine News, Sneesby says he is “extremely proud” of what he has achieved as CEO.
"I want to be completely open about the circumstances surrounding my departure,” says Sneesby in the staff email.
“To give some context, this year has been one of the most challenging in my career - one where our resilience has been tested.
"Despite the intensity of the scrutiny, my focus has not wavered from achieving the best outcomes for our people and for Nine."
The media group, which was the official Australian broadcaster of the Paris Olympics, has been battling a weak advertising market that led to 12 per cent fall in group EBITDA in FY24 following a 3 per cent fall in revenue.
The company was also hit by industrial action from journalists in its publishing arm in the lead-up to the Paris Olympics, affecting its flagship mastheads including The Age, Sydney Morning Herald, Brisbane Times, WA Today and The Australian Financial Review.
In an announcement to the ASX today, Nine says Sneesby and the board consider “now is the right time for a transition of leadership to take Nine into the next phase of its strategic transformation”.
Nine chair Catherine West has thanked Sneesby “for his significant contribution to Nine over more than a decade”.
“As chief executive officer, 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,” says West.
“The world-class 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.”
Nine has announced that chief finance and strategy officer Matt Stanton will step in as acting CEO from 1 October 2024, while the company seeks a permanent replacement for Sneesby.
"Matt Stanton is well-placed to lead the business while a search for a new CEO is under way,” says West.
“An experienced media, FMCG (fast-moving consumer goods) 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.”
In today’s ASX statement, Sneesby says 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,” he says.
“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."
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