Nine CEO Mike Sneesby has announced he is stepping down after three-and-a-half years.
Nine chair Catherine West thanked him for his contribution to the company over more than a decade, and including as the founding CEO of Stan.
“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,” West said.
“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.”
The announcement comes ahead of an independent review into workplace culture, due at the end of October.
In a note to staff Sneesby said, “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.”
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.
“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,” said West.
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