Rhys Holleran, CEO of Southern Cross Austereo has announced his resignation this morning.

Peter Bush has been appointed Executive Chairman pending the announcement of the new CEO appointment. Rhys will cease his employment with the company on July 31st 2015, in the interim he will assist with leadership transition planning.

The board has appointed executive search firm Heidrick & Struggles to help it find a successor.

According to Southern Cross Austereo’s website, Holleran has worked in the media for 27 years. He has undertaken a variety of management roles including General Manager of 101.1 TTFM and Gold 104 (1992 to 1997) and Managing Director of RG Capital Radio (1997 to 2004). Rhys was appointed Chief Executive Officer of Southern Cross Media Group in 2009 and went on to oversee the merger between Austereo Group Limited and Southern Cross in 2011.

“I have enjoyed every second of my 18 years at Southern Cross Austereo, principally because of the outstanding individuals I have worked with . To them I say a heartfelt thank you”.

Staff were told in an email sent this morning.

It was only a number of weeks ago it was reported in the Financial Review, Holleran had no intention of leaving his role at SCA, following speculation that new Chairman Peter Bush’s appointment may signal change.