Nova’s Cathy O’Connor and Peter Charlton talk succession planning and changing the guard after 12 years
Yesterday Nova Entertainment’s longtime CEO Cathy O’Connor announced she would be stepping down from the top role after 12 years, leaving way for chief commercial officer Peter Charlton to take the position. Mumbrella’s Hannah Blackiston spoke with O’Connor and Charlton about succession planning and what it takes to lead a media business in 2020.
While yesterday’s news of Cathy O’Connor leaving Nova Entertainment, the media business she’s spent 12 years as the CEO of, came as a surprise to some, as I speak with O’Connor and her successor Peter Charlton it’s clear that a plan has been in place for some time.
“From my perspective, this is the result of succession planning and I think this is a very good example of how that process should naturally work. Peter is an outstanding executive, he’s led the commercial function at Nova for eight years, he knows the business intimately and he and I have worked together as generalists on the business,” O’Connor tells me.
“Handing over to Peter is a very natural thing for Nova to do and it acknowledges his significant career achievements and the growth in revenue and revenue share that he’s delivered.
It takes a great person to build a business like Cathy has and even better person to know when to leave.
C’mon Peter. Saying the business is in the ‘best shape it could be in’ is a stretch given
25% of the workforce gone, Audiences will be significantly lower given radio has lost the traveling listener that was so crucial to the overall audience number.
Significant declines in agency revenue and decimated direct revenue.
A product that now resembles the output from 10 years ago given there is no investment and the product or innovation.
The capability and IP in the business has been severely impacted with the redundancies.
And with changes to job keeper, the operating cost of the business will increase in the future with more redundancies required.
Gotta be honest and transparent at least to appease those who have lost their jobs