James Warburton sacked by Ten board
James Warburton has become the second Ten Network CEO in a row to be sacked by the company’s board.
Warburton will be replaced by adman Hamish McLennan, while Russel Howcroft will be acting CEO until March.
McLennan, is currently executive VP, Office of the chairman, News Corporation, and chairman of News Limited’s REA Group. He previously worked for Y&R Brands in Australia and the US.
Warburton’s sacking came after little more than a year in the role. His predecessor Grant Blackley was also fired.
His departure comes as the country’s third commercial network struggles with record low ratings. It faces being beaten by the ABC for share over the ratings week.
Ten Network Holdings Limited (ASX: TEN) (“TEN” or “the Company”) today announced that the Board had given notice of termination to Mr James Warburton. He will no longer be performing the role of Chief Executive Officer and Managing Director of the Company, effective immediately.
TEN Chairman, Mr Lachlan Murdoch, said: “The Board would like to thank James Warburton for his hard work and contribution during what has been a difficult period for the Company and for the broader media sector. He steps down with TEN’s best wishes.”
TEN today also announced that the Board has appointed Mr Hamish McLennan as Chief Executive Officer and Managing Director of the Company.
Mr Murdoch said: “The Board is delighted to have been able to attract a world class CEO with a strong track record to lead TEN.”
Mr McLennan said: “TEN is a media business with a strong balance sheet and excellent staff. I look forward to leading TEN through a period of creative renewal and financial growth.”
Mr McLennan will remain the Non-Executive Chairman of REA Group (ASX: REA).
Mr Russel Howcroft, Executive General Manager, Network Ten, will act as CEO until Mr McLennan joins TEN on 18 March, 2013.
Source: Ten Network press release