In a shock announcement, Nine Entertainment Chief Executive, Hugh Marks told all staff in a memo, “After five successful years for Nine, I have decided the time is right for me begin the process of moving on.”
After the company makes a formal announcement to the stock exchange on Monday, Mr Marks says:
“We will then commence a formal process for both internal and external candidates for my replacement. And of course, I will be around to ensure a smooth transition as the business embarks on its next stage of growth.”
Mr Marks said of his time with the company: “We have gone from being three separate, legacy media businesses in Nine, Fairfax Media and Macquarie Media, each with their own structural challenges, and created a business that now has a diversified revenue base across both advertising and subscription, and that has a clear growth strategy for decades to come.
“Trust me when I say there is no other company with the assets or strategic position of Nine.”