Nine’s incoming CEO Hugh Marks has been officially appointed this morning replacing the outgoing David Gyngell who held the job for the previous five years.
The announcement to the ASX today detailed Marks’s role would begin officially tomorrow.
B&T had previously reported on the continued speculation Gyngell would be stepping down soon, with Marks to take his place. Marks joined the Board of Nine Entertainment Co. in February 2013.
Of his departure, Gyngell said: “I have great regard for Hugh Marks. He’s got the experience, he’s got skin in the game, he knows the industry so well and he’s very well regarded. Hugh was an obvious selection as CEO and I believe he’ll do a stellar job. For my part, it’s time. I always say Nine is part of my DNA, and it’s true. From my boyhood alongside my Dad, to this day. I love the culture and achievement of this company and I love its people. That won’t change. I will remain on the Board, and I’ll be happy to offer a little advice or support when it’s sought. It’s now up to Hugh and the team to run the show, and I confidently wish them the very best.”
It’s been an interesting reign for Gyngell, getting into a bust up with fellow mate James Packer, and having the photos sold for a fair sum to News Corp, as well as speculation on how much knowledge Gyngell had about Nine’s advertising.
Of Marks’s appointment, NEC chairman David Haslingden said: “On behalf of the Board, I warmly welcome Hugh to his new role of chief executive officer. His extensive experience in television, coupled with his detailed knowledge of NEW, made him an obvious replacement for David. We look forward to his experience, his leadership and his sure hand in these challenging but exciting times.
“I’d also like to thank David Gyngell for his tireless eight years as CEO of Nine Entertainment CO.. He has led the company through a significant restructuring, whilst remaining an active and inspiring leader on a day-to-day basis. Personally, I am sad to see David stepping down from his active management role, however I am delighted he will be contusing his long association with Nine as a non-executive director.
Marks added: “It’s an absolute honour to have this opportunity – to work with the diverse group of highly skilled and talented people who contribute to our business each and every day. Together, we can work to enhance the company’s existing brands and to build new ones and lead the innovation of our premium content business. We must maintain a core that remains strong and relevant to audiences and advertisers alike, while we invest in new ideas, new platforms and develop new revenues, becoming more local and driving more Australian content.
“I come to the business and this role at a a time when new platforms and business models for content are achieving reach and scale. It will be challenge to find the right path but I believe we have the best team, the assets and ideas to do it.”