Macquarie Media Limited (MML) executive chairman Russell Tate has announced the long-anticipated promotion of Adam Lang to the position of chief executive officer, effective April 3 2018.
The company released its December half results this week, noting underlying EBITDA up 21% on prior year. Underlying profit after tax was up 11% on prior year. Read more.
Prior to the formation of MML, which followed the merger of Macquarie Radio Network (MRN) and Fairfax Radio Network (FRN) in April 2015, Lang had been CEO of FRN for three years.
Tate announced he would be scaling back his executive role over the remainder of the 2017/18 financial year, and would assume a non-executive chairman role from July 1 2018.
Tate said that over the three years since the merger of Macquarie Radio and Fairfax Radio he and Lang had developed an excellent working relationship.
“Adam’s contribution to the success of the merger and the company’s operating and financial performance since the merger has been immense” he said. “I had originally agreed with the board I would remain executive chairman for two years following the merger. It is now almost three years, and I was very pleased to recommend to the board not only was it time for me to step back, but also Adam was the right person to move into the CEO role. With the support of a strong senior management team, I have no doubt Adam will do an outstanding job and in congratulating him on his appointment can assure him of my total support.”
Adam Lang commented: “I have immensely enjoyed the challenge of playing a senior role in the formation of Macquarie Media and it has been especially rewarding to serve alongside the senior management team of Mark Noakes and Lisa Young. In particular, it has been a privilege to serve under our executive chairman Russell Tate.
“His career achievements and skills are unique and have been of exceptional value to this company as well as to me individually. I am thrilled that Russell has agreed to remain Chairman.
“Macquarie Media is a remarkable company and is in excellent shape. I am passionate about this industry and particularly about this company so I gladly accept the role of chief executive officer as a privilege and make the commitment to lead our national team to continue our success and growth.”