“Who Knows What’s True”: Nine’s Shareholders Call For More Information Amid Hugh Marks’ Sudden Resignation

“Who Knows What’s True”: Nine’s Shareholders Call For More Information Amid Hugh Marks’ Sudden Resignation
B&T Magazine
By B&T Magazine
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Though Nine chief executive Hugh Mark’s sudden departure was reportedly prompted by a workplace relationship, shareholders believe there is more to the story and are asking for answers.

The news broke Saturday afternoon, and according to The Australian, chairman Peter Costello had still not spoken to several key investors on Monday.

There are questions swirling in relation to the timing and events that led to Marks’ departure, which came two days after investors approved a $2m long-term bonus at the company’s annual general meeting.

Likewise, investors are wondering who knew about the relationship Marks had with commercial director Alexi Baker, who left Nine late September.

Nine shareholder Reece Birtles chief investment officer told The Oz he will be demanding more answers from Nine’s board.

“We will be engaging with the company in terms of the governance process that occurred around all that to understand and be clear that it was appropriate.

“Who knows what’s true and what’s not?” he added. “We’ll engage with them on our own basis.”

News of Marks’ relationship and subsequent departure broke in the Nine-owned Sydney Morning Herald Saturday afternoon, with the SMH reporting the board was sent an anonymous email with complaints about behaviour at the company in the days leading up to Marks’ resignation.

Marks will remain in the top media job until June 2021 according to reports, while Nine is set to meet investors later this week.

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