Mike Sneesby has announced his resignation as CEO of Nine Entertainment, one of Australia’s largest media groups. Mike Sneesby exit follows months of turmoil including the passing of a staff no confidence motion against Sneesby and the group’s board of directors. Nine Entertainment Co. announced that Mike Sneesby will step down as Chief Executive Officer, with effect from 30 September 2024.
Mike Sneesby exit will follow the successful completion of the Olympics and the Paralympics. 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.
Mike Sneesby Nine Entertainment CEO exit
Nine Entertainment CEO Mike Sneesby resignation takes effect from the end of the month. He will be replaced on an acting basis by CFO and chief strategy officer Matt Stanton while a recruitment process is under way.
In a statement made to the Australian Stock Exchange, Mike Sneesby said on his exit, “I consider now is the right time for a transition of leadership to take Nine into the next phase of its strategic transformation” following the completion of the Olympics and the Paralympics.”
Sneesby got the top job at the group, which spans TV, streaming and newspapers, after the departure of predecessor Hugh Marks. Sneesby was co-founder of Australian streamer Stan and its CEO from 2015.
Australia’s Nine Entertainment CEO leaves
In a personal note sent to Nine staff on Thursday, Sneesby said: “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.”
Nine Entertainment resignations
Nine chairman Peter Costello resigned in June after an alleged scuffle with a reporter at Canberra Airport. Costello denies the claim. In March, the group’s news head Darren Wick quit after allegations of alleged “misuse of power and inappropriate behavior” in the news room. A subsequent investigation found staff trauma.
Job cuts at Nine Entertainment
In June, Nine announced plans to cut 200 jobs. It blamed a weak advertising market and the non-renewal of a news content deal with Meta, the U.S. social media giant. Staff at Nine went on strike in response, a move that threatened to disrupt coverage of the summer Olympic Games, rights to which Nine had obtained from rival media group Seven.
Nine Entertainment stock update
Nine Entertainment’s share price dropped 4.02 per cent after the company’s CEO Mike Sneesby announced he would be stepping down.
“Advertising revenue is in decline, there could be a lack of gambling advertising revenue soon on television screens,” Sky News Business Reporter Edward Boyd.
“Nine’s share price today, the immediate reaction from investors, it’s actually one of the worst performers on the market.”
