Macquarie Media executive chairman Russell Tate scales back duties, Adam Lang becomes CEO
Macquarie Media’s executive chairman, Russell Tate, is scaling back his role as both chairman and CEO of the business, with chief operating officer Adam Lang to take his place, the company announced yesterday afternoon.
The industry veteran – who was the co-founder of STW Communications with John Singleton – has led both Macquarie Radio and Macquarie Media since 2008. Singleton is a major shareholder of Macquarie Media. Tate will assume the role of Macquarie’s non-executive chairman from July 1.
Tate will scale back his role, with Lang to become CEO from April
The news comes the same day Macquarie Media revealed its half year results, which saw net profit after tax and earnings before tax, interest, depreciation and amortisation (EBITDA) fall more than 30%.
Revenue increased slightly from $67.265m in the 2017 half year to $68.476m (2%).
As a result of Tate’s decision, chief operating officer Lang, will become CEO of the business, which dominates the AM bandwidth with stars including Alan Jones, Ray Hadley and Neil Mitchell.
Lang has held his role at Macquarie Media for the last three years. Prior to the formation of Macquarie Media – which was the result of a merger between Macquarie Radio Network (MRN) and Fairfax Radio Network (FRN) – Lang had been CEO of FRN for three years.
Tate said Lang’s contribution to the business during and since the merger had been “immense”.
“I had originally agreed with the Board that I would remain executive chairman for two years following the merger. Now it is almost three years, and I was very pleased to recommend to the Board that not only was it time for me to step back, but also that Adam was the right person to move into the CEO role,” Tate said.
Lang: Macquarie Media a “remarkable company”, in “excellent shape”
“With the support of a strong senior management team, I have no doubt Adam will do an outstanding job and in congratulating him on his appointment can assure him of my total support.”
Lang said it had been a privilege to serve under Tate’s leadership.
“His career achievements and skills are unique and have been of exceptional value to this company as well as to me individually. I am thrilled that Russell has agreed to remain chairman,” Lang said.
“Macquarie Media is a remarkable company and is in excellent shape. I am passionate about this industry and particularly about this company so I gladly accept the role of chief executive officer as a privilege and make the commitment to lead our national team to continue our success and growth.”
Lang will commence his new role on April 3.
Very smart. Good bloke. Tough, but always fair.
Good luck Russell.
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Russell Tate, good to see you have double standards you bloody hypocritical dickhead, it’s easy to attack Alan Jones when he uses metaphors to declare his anger towards brain dead left wing activists but totally silent when it comes to the foul mouthed clementine Ford, Van Badam, the ABC etc.
Should you have the guts to sack Jones your revenue will plummet and the Jones massive audience will follow him to wherever he cares to hang his shingle….I suggest you’re a [Edited under Mumbrella’s comment moderation policy] and to use another metaphor…..GET STUFFED!!!
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Russell Tate is a total [Edited under Mumbrella’s comment moderation policy] .. Get a life Fool.
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Alan Jones should have been taken off air years ago. He’s [Edited under Mumbrella’s comment moderation policy]
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By not sacking Jones, you are proving yourself to be a coward.
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Mr chairman , please grow a see and support Alan in this witch hunt perpetrated by the left because they are offended . Well I’m offended that you are reviewing his show and to be honest if the sponsors that have pulled out are so weak as to bow to anarchy, you are far better off without them . They will be back when sales drop off lol .
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