Nine Entertainment Co. is to conduct a global search to identify a replacement for Mike Sneesby will step down as Chief Executive Officer and as a Director on the Nine Board, with effect from 30 September 2024.
In a statement, the company said, “Following the successful completion of the Olympics and the Paralympics, Mr 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.”
Chief Finance and Strategy Officer, Matt Stanton, has been appointed as acting Chief Executive Officer with effect from 1 October 2024, while the Company undertakes the recruitment process to identify a new CEO.
Nine Chair, Catherine West said: “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 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 programmes, 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.”
In an email to Nine Staff, Sneesby said: “After more than 10 years combined as CEO of Nine and before that, founder and CEO of Stan, I’m announcing today that I will be stepping down. 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.”
Nine announced an independent review of its work culture by workplace consultants Intersection in May 2024 following allegations of inappropriate behaviour in its News & Current Affairs department. The review is due to be released before November.
“Our culture review is progressing, with Intersection compiling your input and conversations into their report,”added Sneesby. 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.
“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.””
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