Leadership shake-up at Nine Entertainment: A new chapter begins
A turbulent year for Nine Entertainment
In a surprising turn of events, Mike Sneesby has announced his resignation as CEO of Nine Entertainment, one of Australia’s largest media conglomerates. This decision comes after a tumultuous period marked by internal strife, including a staff vote of no confidence against Sneesby and the board of directors.
Transition of leadership
Sneesby’s resignation will take effect at the end of the month. In the interim, Matt Stanton, the current CFO and chief strategy officer, will step in as acting CEO while the company searches for a permanent replacement. In a statement to the Australian Stock Exchange, Sneesby remarked, ”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’s journey at Nine
Sneesby ascended to the top position at Nine Entertainment following the departure of his predecessor, Hugh Marks. Before taking on the CEO role, Sneesby was the co-founder and CEO of the Australian streaming service Stan from 2015. His tenure at Nine has been marked by significant challenges and achievements, particularly in the realms of TV, streaming, and newspapers.
A personal note to the staff
In a heartfelt message to Nine staff, Sneesby shared, “I want to be completely open about the circumstances surrounding my departure. 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.”
Reflecting on his future, Sneesby added, “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.”
A series of high-profile exits
Sneesby’s resignation is not an isolated incident. Earlier this year, Nine chairman Peter Costello resigned following an alleged altercation with a reporter at Canberra Airport, a claim Costello denies. In March, the head of Nine’s news division, Darren Wick, stepped down amid allegations of “misuse of power and inappropriate behavior” in the newsroom. An investigation into these claims revealed significant staff trauma.
Financial challenges and job cuts
Adding to the company’s woes, Nine announced plans to cut 200 jobs in June, citing a weak advertising market and the non-renewal of a news content deal with Meta, the U.S. social media giant. This decision led to a staff strike, which threatened to disrupt coverage of the summer Olympic Games, for which Nine had secured broadcasting rights from rival media group Seven.
The road ahead for Nine Entertainment
As Nine Entertainment navigates this period of transition, the focus will undoubtedly be on stabilizing the company and steering it towards a more prosperous future. The appointment of a new CEO will be a critical step in this process, as the company seeks to rebuild trust and morale among its staff and stakeholders.
A personal reflection
For those of us who are passionate about cinema, TV series, and music, the upheaval at Nine Entertainment serves as a reminder of the ever-changing landscape of the media industry. The challenges faced by Sneesby and his team highlight the importance of resilience and adaptability in the face of adversity. As we look forward to the next chapter in Nine’s story, we can only hope that the company will emerge stronger and more innovative, continuing to deliver the high-quality content that we have come to expect.
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