Nine Entertainment Co today announced that former Federal Government Treasurer Peter Costello will take over as the Chairman of Nine Entertainment Co.
Costello, who currently serves on the board as an Independent, Non-Executive Director, will take on the position from 1 March 2016. He replaces outgoing Chair David Haslingden who joined the board in February 2013 and oversaw the restructure of the company and public market float of the group.
Media release:
25 February 2016: Nine Entertainment Co. (ASX:NEC) has today announced that Mr David Haslingden will step down as Chairman and Non-Executive Director, effective 1 March 2016. Mr Peter Costello, currently an Independent, Non-Executive Director, will take over as Chair from this time.
Mr Haslingden joined the Board in February 2013, and during his time as Chairman, oversaw the successful restructure and public market float of the group.
Peter Costello, incoming Chairman said “I pay tribute to David for the leadership he has given the Company since 2013. His experience and understanding of the industry, and commitment to NEC have been invaluable throughout this period. The Company is in an extremely strong financial position.
I am delighted to take over the role of Chairman. This is an exciting time of change in the media sector and NEC is now strongly positioned to take advantage of these developments.”
Mr Costello will continue as Chair of the Board of Guardians of the Future Fund, a member of the International Advisory Board of Alliance SE and as Chair of ECG Financial P/L.
David Haslingden said “I have thoroughly enjoyed my 3 years on the NEC Board. The company has achieved a lot in that short time: going public, consolidating into a 5 cap city network, renewing key cricket and NRL franchises, disposing of Nine Live, launching Stan and 9Now and transitioning to a balanced share register of leading Australian and International funds managers. It’s been a busy time for my own company as well, which has now expanded from its base in New Zealand to have operations in the US, Latin America, China, SE Asia and Australia and a full time staff of over 250. The time is right for me to move on from NEC, leaving the Company with a new Chief Executive and a best-in-sector balance sheet; a modern content business ideally placed to embark upon the challenges of the next phase of sector evolution.”
The Company has also announced the appointment of Ms Elizabeth Gaines as a Non-Executive Independent Director, effective 1 March 2016.
Ms Gaines’ executive career has focused on financial services, infrastructure, media and travel distribution in both the UK and Australia, with her most recent role being CEO, and previously CFO/COO, of ASX-listed Helloworld.
Ms Gaines is currently a Non-Executive Director of Fortescue Metals Group Limited and Next DC Limited and she was appointed a Commissioner of Tourism Western Australia in November 2015. She is also a Member of the Institute of Chartered Accountants in Australia, Australian Institute of Company Directors and Chief Executive Women.
Commenting on the appointment, Peter Costello said “We are delighted to welcome Elizabeth to the NEC Board. She has extensive experience across a variety of consumer-facing industry sectors. Her deep financial background will prove complementary to the current Board. I look forward to working with her, as do all of our other Board members.”
Ms Gaines said “I am excited about joining the Nine Entertainment Co. Board. Media is currently at a very interesting and dynamic time in its evolution and I look forward to contributing to the Company’s future success.”
NEC also notes that, effective 1 March, Ms Gaines has been appointed Chair of the Audit and Risk Committee, replacing Mr Peter Costello in the role.