Nine CEO Mike Sneesby to step down – Nine Entertainment Co. (ASX: NEC) today announces that Mike Sneesby will step down as Chief Executive Officer and as a Director on the Nine Board, with effect from
30 September 2024.
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 a recruitment process to
identify a new Chief Executive Officer.
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 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.”
Mr Sneesby said
“It has been a privilege to lead this business but now is the right time to hand over to a new leader. I take great pride in the achievements of the Company during my time as CEO and thank the Board, the leadership team and everyone at Nine for their support during my tenure. Together, we have navigated significant change in the media landscape in Australia. I firmly believe Nine is Australia’s best media business, with premium assets and the sector’s leading media professionals. I am confident in the future of Nine and remain committed to ensuring a seamless handover to Matt.”
This announcement was authorised for lodgement by the Board of Directors of Nine.
Mike Sneesby has sent out an email to all staff as below:
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.
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.
I am grateful for the incredible friendships and personal relationships I have built with so many of you over the years – and I know those will continue in the years to come. We have shared some great adventures and achieved so much together – these are things I will remember fondly.
With great respect, I wish you all the best,
Mike
Message from Catherine West:
We have some important news about Nine that I wanted to share with you directly today.
Today we are announcing to the Australian Securities Exchange (ASX) that Mike Sneesby will be standing down as Chief Executive Officer on 30 September 2024.
On behalf of the Board, I would like to thank Mike for his significant contribution to Nine not just as CEO over the past three-and-a-half years but during his time with the business that stretches back more than a decade. During his tenure Mike has:
· Guided Nine as it emerged from the COVID-19 pandemic;
· Made substantial progress in moving Nine’s revenue and earnings mix to greater digital contribution, including greater diversification into subscriptions;
· Founded and built Stan into one of the world’s most successful local SVOD services with more than two million paying subscribers;
· Secured major content and sports rights partnerships, including:
o Hollywood output deals with CBS/Showtime, NBCU, Lionsgate
o Multi-year sports deals with Tennis Australia, the National Rugby League, the International Olympics Committee, including the broadcast rights from Paris 2024 through to Brisbane 2032.
· Initiated the development of the company-wide Values and Purpose, expanded Nine’s leadership programs and instigated the cultural review process to enable issues to be identified and addressed to ensure ongoing cultural improvement.
· Progressed Nine’s digital transformation strategy.
Nine continues to evolve as the media landscape changes. I believe Nine is Australia’s leading media business, which is underpinned by our talented people, our diverse premium assets and our engaged audiences and subscribers. In a highly competitive marketplace, we enter our next phase of our transformation in good shape, well positioned for continued success.
We are also confirming today that Chief Financial and Strategy Officer Matt Stanton will be stepping into the role as acting CEO from 1 October while we conduct a global search to identify the right person to replace Mike and lead the Nine business into its next phase of strategic transformation. Matt is already a familiar face around Nine for many of you and is well placed to lead the business while the CEO search process is underway.
Both Mike and Matt are committed to a smooth handover to ensure continuity across the business.
On behalf of the Board, I would like to thank Mike for his dedication and commitment to the business. We wish him well for the future.
Media Release – Nine
Link to 9Now HERE
TV Central Nine content HERE
Nine CEO Mike Sneesby to step down
