Austereo’s chief executive Michael Anderson will not renew his contract when it expires next June, at the end of the 2009/10 financial year, allowing up to a year for the company to arrange a smooth transition.

Anderson said in a statement announcing his resignation: “I have enjoyed my years with Austereo immensely and believe I have been a strong contributor to its success. I am privileged to have been CEO of the group.”

Michael Anderson joined the Austereo board in 1996 and has been chief executive since August 2003. It is not known at this time whether Anderson will move to another media job after he leaves Austereo.

Austereo chairman Peter Harvie has told radioinfo the company will ensure a smooth transition when a successor is found: “We will manage a nice orderly transition with plenty of time to evaluate candidates.

“To replace Michael we are looking for someone with good management skills, great people skills and an deep understanding of the media business and multiple platforms.”

Harvie says multiplatform expertise is important in the new CEO because at least 20% of Austereo campaigns are now across more than just the radio broadcast platform, and that percentage is growing.

Austereo shares rose about 5 cents after the news was announced, finishing the day at $1.45, which has been read as a sign of support for the orderly transition process. Peter Harvie, however, says people should not read anything more into the share price movement other than normal market volatility.

Anderson advised Harvie he would leave the day before it was announced, and Harvie says they have a good working partnership that will ensure that things are business as usual until a successor is found.