Nine expected to announce new CEO today

UPDATE: Mike Sneesby announced as new CEO.

Chairman of Nine Entertainment Co, Peter Costello, is holding a media event at Nine’s North Sydney headquarters at 10am this morning.

It is expected he will use the opportunity to announce the company’s new chief executive officer.

Marks’ replacement is expected to be announced shortly

Current CEO Hugh Marks resigned in November last year, after five years at the helm. It was revealed that his reason for resignation was related to a relationship with a former Nine executive.

The three likely contenders for the role are Stan CEO Mike Sneesby, Nine chief digital and publishing officer Chris Janz and outsider, former Endemol Shine Australia’s co-chief executive Carl Fennessy.

Last week, Marks presented to the board and shareholders for the final time in his capacity as CEO when he delivered the media business’ half year results for the six months ending in December: net profit surged by 79% to $182 million, revenue was down 2% to $1.2 billion, and earnings before interest, tax, depreciation and amortisation (EBITDA) were $355 million.

In response, the share price surged to a record high of $2.93 – the first time Nine has ever gone over a $5 billion market capitalisation.

The announcement is to take place at 10am Sydney time at the company’s new North Sydney offices.

More to come.


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