Southern Cross Media Group, the parent company of Southern Cross Austereo, has announced the resignation of its chief financial officer Nick McKechnie after eight years with the group.
The search for McKechnie’s replacement is underway; in the meantime, he will remain in the position until his replacement has been appointed.
SCA CEO and managing director Grant Blackley praised McKechnie for his contribution to the company. “Nick has made a significant contribution to SCA since joining as CFO in September 2014. He will leave the Group with a strong balance sheet and cashflow position, which has enabled us to invest in our digital transformation strategy.
“On a personal note, I have valued Nick’s support and advice in my seven years as CEO, which have included the ongoing challenges presented by the COVID-19 pandemic. On behalf of the senior leadership team and everyone else at SCA, I wish Nick success in his new role as CFO of Gurner Group,” Blackley added.
McKechnie said he enjoyed his eight years with SCA. “I feel it’s the right time for a fresh challenge. I’m pleased to have been part of a collaborative leadership team at SCA that has built a constructive culture, and which has focused on building the capabilities and platforms to support the digital transformation of the business.”
SCA has commenced a search to appoint a new CFO with the assistance of management consulting company Korn Ferry and will make an announcement in due course.
Melanie Willis
The group also announced Melanie Willis has given notice of her retirement as a non-executive director of SCA.
Willis has been a non-executive director of SCA since 26 May 2016 and her retirement will take effect on 31 August 2022. She served as chair of the audit and risk committee from her appointment until 30 September 2021 and continues as a member of that committee and of the people and culture committee.
SCA chair Rob Murray said: “Together with my fellow directors, I would like to thank Melanie for her significant contribution to SCA and its board of directors.
“During her time as chair of the audit and risk committee, Melanie oversaw improvements in the Committee’s processes and activities to ensure it added value to the group’s financial reporting and risk management functions.
“More broadly, Melanie has brought valuable insights and experience to our Board and Committee decision-making,” Murray added.
Willis said of her time on the board: “It has been a privilege to serve with the Southern Cross Austereo Board and management team. I wish Southern Cross Austereo every success as it continues to build out its digital audio business and informs and entertains more listeners in metro and regional areas.”
Considering changes in SCA’s business over the past year, the Board has decided not to seek a replacement for Melanie Willis. The Board considers its reduced size and its mix of skills and experience are appropriate for SCA’s needs.
Southern Cross Media Group Limited, the parent company of Southern Cross Austereo (SCA), has reported strong results for the financial year ending on 30 June 2022, announced on the ASX.
The media company reported an underlying net profit after tax of $27.4 million, up 38.4% on the 2021 financial year. Audio audiences and revenue grew as television improved margins after SCA’s affiliation switch to Network 10.
See also: SCA posts 38.4% profit and rise in audio audiences in its full year results
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Top image: Nick McKechnie
