Mike Sneesby, CEO of Nine Entertainment, has announced he will step down from his role at the end of the month following a turbulent year for the media giant. The decision comes after more than three years at the helm, during which Sneesby faced significant challenges, including a cultural review and declining financial performance.
Key Takeaways
- Mike Sneesby will step down as CEO on September 30, with Matt Stanton taking over as interim CEO from October 1.
- Nine’s net profit fell by 28% to $189.4 million, and its share price has dropped 60% from its peak.
- A workplace culture review is underway, with findings expected in October following internal scrutiny.
- During Sneesby’s tenure, Nine secured the Olympics broadcasting rights through 2032 and led recovery efforts after the pandemic.
Key Background
Sneesby, who took on the role in April 2021, has been with Nine Entertainment for over a decade, including his time as the founding CEO of streaming service Stan.
His resignation follows a series of high-profile exits from the company, including former chairman Peter Costello, and comes amid a challenging environment marked by internal restructuring and a broader industry downturn.
Sneesby cited personal reflection and discussions with his family as factors in his decision to leave.
Crucial Quote
“To give some context, this year has been one of the most challenging in my career — one where our resilience has been tested,” Sneesby wrote in an email to staff.
Big Number
60% — The percentage loss in Nine Entertainment’s stock value, which plunged to $1.19 per share from a pandemic high of $3.09, driving its market valuation below $2 billion this past week.
Tangent
Sneesby’s departure also comes as the media industry grapples with significant changes. News Ltd and Seven West Media have recently undergone restructures and layoffs.
Earlier this year, Nine Entertainment’s Pedestrian Group announced a major restructuring, ending local publications for international brands such as Vice, Refinery29, Gizmodo, Lifehacker, and Kotaku as part of a cost-cutting initiative focused on wholly owned assets.
Some Nine staff expressed frustration over Sneesby attending a family wedding in Greece immediately after announcing 200 job cuts, questioning whether he was avoiding accountability during a challenging period for the company.
