Nine Entertainment Co have announced TV veteran Hugh Marks is the company’s new CEO, replacing David Gyngell.
The board of the free-to-air television and digital business began discussing succession planning for its next chief executive last month amid rising expectations that Mr Gyngell will not seek to renew his contract when it expires at the end of 2016.
Gyngell has stood down from the position but will remain on the board as a non-executive director.
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NEC Chairman David Haslingden welcomed Hugh to his new role in a statement on ASX this morning.
“His extensive experience in television, coupled with his detailed knowledge of NEC, made him an obvious replacement for David. We look forward to his experience, his leadership and his sure hand in these challenging but exciting times”.
“I’d also like to thank David Gyngell for his tireless eight years as CEO of Nine Entertainment Co.. He has led the Company through a significant restructuring, whilst remaining an active and inspiring leaderon a day-to-day basis.
“Personally, I am sad to see David stepping down from his active management role, however I am delighted he will be continuing his long association with Nine as a non-Executive Director,” Mr Haslingden said.
Hugh Marks said it was an amazing opportunity.
“Together, we can work to enhance the company’s existing brands and to build new ones and lead the innovation of our premium content business. We must maintain a core that remains strong and relevant to audiences and advertisers alike, while we invest in new ideas, new platforms and develop new revenues, becoming more local and driving more Australian content,” he said.
David Gyngell also had nothing but praise for the man who will be replacing him.
“I have great regard for Hugh Marks. He’s got the experience, he’s got skin in the game, he knows the industry so well and he’s very well regarded. Hugh was an obvious selection as CEO and I believe he’ll do a stellar job,” he said.
“For my part, it’s time. I always say Nine is part of my DNA, and it’s true. From my boyhood alongside my Dad, to this day. I love the culture and achievement of this company and I love its people. That won’t change. I will remain on the Board, and I’ll be happy to offer a little advice or support when it’s sought. It’s now up to Hugh and the team to run the show, and I confidently wish them the very best.”