Nine CEO Mike Sneesby will step down from his role at the end of the month.
The embattled chief, who oversaw a successful Paris Olympic and Paralympic Games, has been under pressure following a series of redundancies and questions over the culture within parts of the organisation.
Chief finance and strategy officer, Matt Stanton, has been appointed as acting chief executive officer with effect from 1 October 2024, while the business undertakes a recruitment process to identify a new chief executive.
Nine’s 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 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.”
Under Sneesby’s watch
Sneesby, who previously presided over Nine’s SVOD Stan, was elevated into chief executive hot seat in 2021, succeeding Hugh Marks. It was felt at the time that Sneesby’s experience on Stan and digital media best suited the company’s focus on growing its television and subscription streaming businesses.
Having taken over and steered the business out of Covid, the TV industry has faced substantial headwinds with recent audiences and ad spend in linear TV advertising in structural decline, and BVOD revenues not able to grow quickly enough to fill the gap. Most recently, Nine posted an annual revenue decline of 3 per cent to $2.62 billion, and a 12 per cent drop in group profit (EBITDA) to $517.4 million.
This has led to difficult decisions, including 200 redundancies and 85 in its publishing arm. Nine endured an industrial relations dispute on the eve of the Olympic Games over the depth of the cuts and staff pay – at a time when Sneesby was in France to run a leg of the Olympic torch relay. Nine also launched an internal investigation over its workplace culture following the departure of former Nine News boss Darren Wick, who left after allegations of sexual harassment. B&T understands the handling of these issues had caused friction internally and raised questions about Sneesby’s leadership.
On the positive side, Nine securing the broadcasting rights of the Olympic and Paralympic Games from Paris until Brisbane in 2032 could prove to be one of the best decisions under Sneesby’s watch with the Paris Olympic Games alone generating $160 million in revenue and on track to be profitable. More importantly, it has allowed Nine to flex its muscles as a multi-channel media powerhouse, an attractive proposition as advertisers chase audiences across a fragmented media landscape.
Why he left
In an internal memo shared with Nine staff, Sneesby explained the reasons why now is the right time to hand over the baton.
“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,” he said. “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.”
Nine’s search for a new chief executive begins in earnest. Industry whispers place Amanda Laing – Nine’s former MD who most recently served as Foxtel’s chief commercial and content officer – as one Australian media executives with the experience and gravitas to take on the role.
