Mike Sneesby has called 2024 “one of the most challenging” of his career in a personal note to Nine staff this morning after announcing he will step down as CEO of Nine from September 30.
Sneesby stepped up as CEO of the network back in April 2021, taking over from Hugh Marks. Before taking on the top job, Sneesby founded Stan Entertainment and held the role of CEO since its inception in 2015.
Nine has seen plenty of growth under Sneesby, most notably winning the rights to broadcast the Summer and Winter Olympics Games over the next 10 years, including the Brisbane in 2032 games, from the Seven Network for $305m in early 2023.
The network also nabbed broadcast and digital rights for the Australian Open from 2020 to 2024 for $300 million in 2018 before securing a deal for the 2019 rights for $48.5 million. In 2022, Nine Entertainment entered into an agreement with Tennis Australia for rights to all premium tennis played in Australia for the 2025 to 2029 seasons.
However, recent months have seen Sneesby’s career marred by scrutiny, especially after the June announcement of 200 job cuts at Nine and the shuttering of Pedestrian-licensed titles, including Vice, Gizmodo, Refinery29, Kotaku, and Lifehacker.
This resulted in strikes by the network’s journalists at the beginning of its Olympic coverage and a resounding vote of no confidence in Sneesby by Nine staff in early July.
In an interview with Mediaweek last month, he admitted that the redundancies was “one of the hardest things” he had had to deal with.
“I will just reiterate that as a leader and a CEO, dealing with the thought of redundancies and the management of costs, particularly as it relates to individuals and their personal circumstances, is absolutely one of the hardest things that you have to do. But it’s important that this business is strong and sustainable into the future.
“Otherwise, we aren’t able to invest in all important public interest journalism, we aren’t able to invest in our people and we aren’t able to grow the business. There are a range of tough decisions, but they are the right decisions that we’ve had to make.”
“I have reflected greatly on my plans for the future”
In a personal note to Nine staff this morning, Sneesby said: “I am extremely proud of what we have achieved together over this time and consider myself privileged to work with the incredibly talented team we have at Nine.
“I want to be completely open about the circumstances surrounding my departure. 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.
“In recent months I have reflected greatly on my plans for the future, and in consultation with my family and those close to me, I made a personal decision to consider new opportunities in 2025 after seeing through the important work we are doing around our workplace culture and the outcomes of the culture review.
“Recently when our Board opened a discussion with me about my tenure, we agreed that the timing was right to commence a leadership transition. With commitments around Nine’s full-year financial results completed and Nine having successfully delivered the world-class coverage of the Paris Olympics and Paralympics, the Board and I agreed now was the best time for a transition to commence.
“Our culture review is progressing, with Intersection compiling your input and conversations into their report. It will build on the work we have done over the past three years to enhance our culture and employee engagement, including embedding our Purpose and Values to provide the foundation for a high-performance culture.
“As I said from the start, we will share the findings of the culture review when Intersection has completed its work, which is expected to be in October. Our Board and leadership team remain committed to taking on the report findings and using them constructively to ensure we continue our path of cultural improvement.
“As I told the market today, I believe Nine is Australia’s best media business, with premium assets and the sector’s leading media professionals. Nine is in a strong position to execute the next phase of its transformation and I remain very confident in the future of the business.
“I am grateful for the incredible friendships and personal relationships I have built with so many of you over the years – and I know those will continue in the years to come. We have shared some great adventures and achieved so much together – these are things I will remember fondly.”
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Top image: Mike Sneesby