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Posted: 2024-09-12 07:33:02

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Nine is also searching for two new directors to join its depleted board (which currently only has five directors), hoping to announce them by its annual general meeting in November. Announcing a new chief executive by then seems unlikely, however.

West, still relatively unknown to Nine’s 4753 staff, said on Thursday morning that Sneesby’s achievements included guiding the company out of the COVID-19 pandemic, progressing Nine’s digital revenue and earnings contribution, securing major content and sporting rights partnerships (including the Olympics) and instigating the cultural review process.

In the short period between her appointment and Sneesby’s trip to Paris, the pair embarked on a nationwide tour of Nine’s office, visiting each state to introduce the chair to the company’s major stakeholders.

While it is considered to have gone smoothly, multiple insiders have noted an at-times tense relationship between the two since then.

Four current and former colleagues of Stanton, who replaces Sneesby in the interim, described him as a “decisive” leader, a quality which contributed to his recent appointment to the board of Domain. The appointment, suggested by Sneesby, was an attempt to move forward Nine’s strategy for Domain, which has languished in comparison to News Corp’s REA Group,and suffered from a tense relationship with digital real estate business chair Nick Falloon and Peter Costello.

Chief financial officer Matt Stanton will be interim chief executive.

Chief financial officer Matt Stanton will be interim chief executive.Credit: Dominic Lorrimer

Stanton joined Nine in August 2022 and was central to securing the decade-long Olympics contract. He was appointed managing director for Nine’s Olympics and Paralympics coverage. Armed with cross-industry commercial experience, an ally of Stanton’s, speaking on condition of anonymity, suggested he would take the job if offered.

Other early contenders, according to Nine insiders with knowledge of the candidates, include former Foxtel executive Amanda Laing and Nine’s chief sales officer Michael Stephenson, who applied in 2021.

The board may also consider influential director and WIN Corporation chief executive Andrew Lancaster, who acts as a representative for the board’s largest shareholder, Bruce Gordon.

Whoever is appointed on a permanent basis will have to contend with structurally challenged advertising and audience headwinds, as well as a full slate of governmental policy issues. These include reforms to privacy laws, the looming breakdown of the news media bargaining code, recent changes to the anti-siphoning legislation, likely changes to Australia’s content production industry, with quotas for international streaming services, and the exit of significant advertising dollars as part of reforms to the gambling sector.

In his note to staff on Thursday, Sneesby struck an optimistic tone, saying he continued to believe Nine was Australia’s best media business, with premium assets and the sector’s leading media professionals.

“Nine is in a strong position to execute the next phase of its transformation and I remain very confident in the future of the business,” he wrote.

Nine shares, down over 40 per cent for the year, closed the trading day at $1.21.

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