Mike Sneesby will step down as chief executive officer and as a director on the Nine Board, with effect from 30 September 2024, as announced on the ASX.
A statement released by Nine on Thursday morning stated that 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” following the completion of the Olympics and the Paralympics.
Matt Stanton, chief finance and strategy officer, has been appointed as acting chief executive officer with effect from 1 October 2024, as the Company undertakes a recruitment process to identify a new chief executive officer.
Nine chair, Catherine West said in the statement: “On behalf of the Board, I thank Mike 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.
“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.
“Matt Stanton is well-placed to lead the business while a search for a new CEO is underway. An experienced media, FMCG 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. Matt will be well supported by an experienced and passionate leadership team who will ensure Nine continues to build on its strategic priorities of Content, Data and our Integrated Audience Platform. Nine is in a strong position to execute the next phase of transformation and growth.”
Sneesby said: “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. 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.”
This announcement was authorised for lodgement by the Board of Directors of Nine.
Sneesby’s departure from Nine comes after a turbulent past few months that the saw journalists strike against the network and staff pass a a motion of no confidence in Sneesby and the Board after the company cut 200 jobs.
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Top image: Mike Sneesby