Nine Entertainment CEO Mike Sneesby Steps Down
Nine Entertainment chief executive Mike Sneesby will be stepping down from his role at the end of the month, the network has confirmed. This decision comes after the successful completion of the Olympics and the Paralympics, leading Mr. Sneesby and the Board to believe that now is the perfect time for a transition in leadership to propel Nine into the next phase of its strategic transformation.
Transition of Leadership
- Matt Stanton, chief finance and strategy officer, will be stepping in as the acting chief executive following Mr. Sneesby’s departure.
- Nine chair Catherine West has praised Mr. Sneesby for his accomplishments in guiding the company out of the pandemic, securing the rights to the Olympic Games until 2032, and driving strategic and cultural transformations at Nine.
Acknowledgement of Contributions
- Mr. West expressed gratitude for Mr. Sneesby’s significant contribution to Nine over more than a decade.
- In an email to staff, Mr. Sneesby acknowledged that this year has been one of the most challenging of his career.
Turbulent Times at Nine
- Recently, publishing staff went on strike over pay on the eve of the Paris Olympics, following the announcement of 200 job cuts across the Nine group.
- Long-time Nine board member and former federal treasurer Peter Costello resigned in June after an altercation with a News Corp reporter.
Review of Workplace Culture
- Nine’s human resources boss Vanessa Morley announced that an external review of the company’s workplace culture, including the news and current affairs division, will be delivered by the end of October.
- Mr. Sneesby’s resignation will be effective September 30.
Financial Performance
- Revenue for Channel 9 and 9 Now decreased by 10% this year, with costs slightly above inflation and pre-tax earnings down by 32%.
- Overall, the company’s profit fell by 22% this year, leading to a cut in executive bonuses as financial targets were not met.
- Nine Entertainment shares have dropped by 37% compared to last year.
Achievements Under Mr. Sneesby
- Mr. Sneesby oversaw the retention of free-to-air NRL broadcasting, the growth of subscriptions at Nine’s newspapers, and the success of streaming service Stan.
- Before leading Nine, Mr. Sneesby worked in digital media, technology, and telecommunications across Australia, Asia, and the US.
Future Leadership
- Incoming interim chief executive Mr. Stanton will be responsible for the recruitment process of the next CEO.
Analysis:
The departure of Nine Entertainment CEO Mike Sneesby marks a significant change in leadership at the company. Despite facing challenges such as a decrease in revenue and profit, Mr. Sneesby leaves behind a legacy of securing major broadcasting rights and driving growth in key areas of the business. The appointment of an interim CEO signals a new chapter for Nine, with a focus on finding a leader who can navigate the company through its next phase of growth and transformation. This transition in leadership highlights the importance of strong leadership in guiding companies through periods of change and uncertainty, ultimately impacting the company’s performance and shareholder value.