Mike Sneesby to Exit Nine Amid Cultural and Financial Pressures

After months of sustained pressure at Nine Entertainment, a pivotal call on Wednesday evening spelled the end of Mike Sneesby’s tenure as CEO. The call, held with the board after trading hours, confirmed his departure in three weeks.

This announcement follows Nine’s successful Olympics and Paralympics coverage and tough financial results. Sneesby will depart by the end of September, leaving the handling of an impending cultural review, due in late October, to Chief Financial and Strategy Officer Matt Stanton, who will assume the interim leadership role.

During his three and a half years as CEO, Sneesby became the public face of significant challenges at Nine. This includes mounting media scrutiny related to cultural issues and his handling of past complaints of alleged misconduct involving former news and current affairs head Darren Wick.

Financially, Nine saw a 31% drop in annual net profit, with revenue slipping 3% to $2.6 billion, prompting serious discussions about new leadership. Newly appointed Nine Chair Catherine West, deciding on a swift leadership transition, will now guide the organization through multiple strategic challenges.

West, having assumed chair duties only three months ago following Peter Costello’s controversial exit, must also address board vacancies and the continuation of Nine’s strategic direction. Currently, Nine is seeking to fill two director positions by its November annual general meeting.

Stanton, appointed by Sneesby last year and key to securing Nine’s Olympics contract, is recognized for his decisive leadership. He will face immediate responsibilities in navigating policy issues, advertising challenges, and further internal cultural assessments.

Prominent internal candidates for the permanent CEO position include former Foxtel executive Amanda Laing and Nine’s Chief Sales Officer Michael Stephenson. The board is also considering Andrew Lancaster, CEO of WIN Corporation, due to his close association with the company’s largest shareholder, Bruce Gordon.

Sneesby, expressing optimism in his farewell note, highlighted Nine’s potential and positive trajectory amidst its current transformations, aligning with West’s praise for his achievements in digital revenue growth and recovery post-COVID-19.

Nine’s shares, however, reflect the year’s downturn, closing at $1.21, down over 40%.