Peter Costello has stepped down as the Chair and as a director of Nine Entertainment Company, effective immediately.

In a statement Costello said the company was already seeking new directors prior to his resignation, that ongoing investigations into historical complaints would continue and stated his support for CEO Mike Sneesby (pictured right with Costello).

Costello, in his eight years as Chair, had overseen the News Media Bargaining Code and the merger with Fairfax Media with gained Nine a broadcasting interest including 2GB, 3AW, 4BC and 6PR.

Nine’s ASX announcement said that Catherine West will replace Costello as Chair, Mickie Rosen will join the Audit & Risk Committee and Mandy Pattinson will become the Chair of the People & Remuneration Committee.