2 weeks Ago By Peter Holmes
Former Nine executive Amanda Laing is among the names being tipped to take over as Nine’s new CEO in the wake of the Mike Sneesby departure last week. Nine is conducting a global search for a candidate who can soothe restless investors while taking the media and entertainment company through the next phase of its evolution. “An external candidate is heavily favoured to be chosen as the next chief executive of Nine Entertainment, with senior insiders claiming that the company is intent on projecting an image of renewal following a torrid year for the media giant,” reports The Australian .
The newspaper said the board “is likely to favour an appointment from outside Nine as the need for a ‘fresh start’ for the company is a high priority, especially given the looming release of the cultural review into the organisation’s news and current affairs division”. Sneesby’s departure came in the wake of Nine releasing its annual report, which showed net profit had fallen 31% in a year to $134.9 million.
“Recently when our Board opened a discussion with me about my tenure, we agreed that the timing was right to commence a leadership transition,” Sneesby said in a Nine statement “authorised for lodgement by the Board of Directors of Nine”. “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.” Mike Sneesby Sneesby faced flak for attending the Olympic Games in the wake of announcing that hundreds of staff would be made redundant.
Nine’s share price has fallen 57% during Sneesby’s tenure, per AFR . Chief Finance and Strategy Officer, Matt Stanton, has been appointed as acting Chief Executive Officer, as of October 1. The company will start recruiting for the next CEO, and Stanton’s performance over the next few months as a stop-gap gives him a chance to impress the board.
Other names being discussed include board member Andrew Lancaster – who replaced Patrick Allaway on the board in 2021, and who represents the interests of Nine largest shareholder Bruce Gordon. Gordon, in his mid-90s, is currently suing shopping channel TVSN over TVSN’s decision to end its business relationship with Gordon’s WIN TV. Laing – who leaves Foxtel shortly after six years – “is considered to be the early favourite, given that she already has a strong working knowledge of how Nine operates, but would also be viewed by skittish investors as an external hire who is unencumbered by the damaged workplace culture”, The Australian said.
Laing announced her departure from Foxtel in April in a statement that said she would remain at the cable network until September. On May 27 Sneesby said Nine would commission an independent review into alleged inappropriate behaviour by staff, including sexual harassment and bullying. The review is due to be released in October.
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