Michael Stephenson to become CEO of ARN
Michael Stephenson has a long history in media sales
Michael Stephenson will become the next CEO of radio network ARN, replacing Ciaran Davis in January 2026.
Stephenson, currently chief operating officer at ARN, moved to the radio network in early 2025 from Nine, where he spent close to two decades.
He comes from a sales background, having held the top sales job at Nine and Ninemsn. He has also worked in sales at Seven and 10.
Upon Stephenson’s initial appointment in December, Davis praised his “leadership style and extensive experience”, saying it makes him “the ideal candidate to join our executive team”. Davis said Stephenson will “play a key role in advancing our strategic priorities and generating exceptional value for our clients and our shareholders.”
Davis will step down on January 15, and will also leave his role on the board of ARN Media as managing director. He has served as CEO and managing director of ARN since 2010. Prior to this, he spent three years as chief operating officer at Communicorp.
Related: Why is ARN’s boss so optimistic about the company’s future?
“It has been a privilege to lead ARN Media over the past 16 years, working alongside a talented and passionate team,” Davis said in an ASX release on Thursday morning.
“With a clear transformation strategy in place and an excellent successor in Michael, I believe now is the right time to step aside. I want to sincerely thank the incredible people at ARN Media I’ve had the pleasure of working with, as well as the board, our shareholders, and clients for their ongoing support.”
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Hamish McLennan, chair of the board, thanked Davis for “his outstanding leadership and commitment.”
He continued: “Under his stewardship, ARN Media has navigated a rapidly changing media landscape and kept the company at the forefront of innovation. We are grateful for his vision and dedication.”
Stephenson will take on the top role during a transitional period for the network.
ARN’s recent half-yearly financials show a 12% drop in revenue, from $85.24m to $75.26m. This company turned a modest $800,000 profit (NPAT) during the first six months of the year. The company forecast the second half of 2025 will see a revenue percentage drop in the “low-to-mid single digits”.
During the first half of the year, ARN’s regional radio revenue dropped $2.9 million, from $56.6m to $53.7m, and digital revenues saw a $2.4 million increase (from $11m to $13.4m) a 21% increase that couldn’t offset the sluggish radio results.
Overall radio revenue dropped by 9% year-on-year. The division turned a $3.8 million profit before tax for the half, compared with $11.4 million for the first half of 2024.
During that same period, the company launched into a $40 million cost cutting program, which involved 240 job losses, the introduction of Stephenson as chief operating officer and Alexis Poole as new CFO.
The company paid down $8 million in debt, decreased underlying costs by 5%, and ‘actioned’ $35 million in savings.
Ciaran Davis will leave ARN in the midst of a $40 million cost-out program and a major restructure
“We’ve restructured the commercial team,” Davis told Mumbrella in late August.
“We’ve brought in new leadership across several functions. We’re enhancing our digital audio capabilities. The commercial team is settled in market. We’ve seen some audience growth come back in the first half of this year, which is good. We should see share regain.
“I think we’re very well positioned to take advantage of the hard work and the difficult work that we’ve done.”
Some of that difficult work involved the head count reduction.
“We’ve simplified operations, which is a very difficult task to do. And when you’re talking about people — headcount — out, it can be challenging.
“But we have executed very well over the last six months. The business is settled.”
ARN will hold its 2026 upfront event later this month, where it presents its advertising and programming slate for the coming year.
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What a train wreck.
With the share price crashing will he have the guts to deal with KandJ ?