Lachlan Murdoch departs TEN
Lachlan Murdoch has departed as non-executive Chairman, to be replaced by Hamish McLennan.
- Published by David Knox
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- Filed under News
Lachlan Murdoch has departed as non-executive Chairman of TEN in order to become a non-executive co-chairman of News Corp and 21st Century FOX.
As he shares the chairmanship of both companies with his father, the move is being received as part of a family succession plan.
TEN CEO Hamish McLennan has been elected as Executive Chairman of Network TEN.
James Murdoch has been elevated to the position of co-chief operating officer at News Corp.
Lachan Murdoch, 42, purchased TEN shares in 2010 and was appointed acting CEO in February 2011 following the exit of Grant Blackley. During this time he oversaw a review of costs which resulted in the axing of television programs and staff redundancies, plus the hiring of James Warburton, Paul Henry and Hamish McLennan. He was appointed non-executive Chairman in February 2012.
Brian Long, TEN’s Deputy Chairman said, “On behalf of the Board I thank Lachlan for the contribution he has made during a very difficult time for the Company. I am pleased that he will retain his commitment to TEN through continuing to hold his 8.8 per cent shareholding in the Company, together with the shareholder guarantee that his company has provided in respect of TEN’s new loan financing arrangements.
“Hamish will make an excellent successor to Lachlan as Chairman. He combines deep international experience in advertising and media, along with a broad business understanding. The Board looks forward to Hamish leading TEN as Executive Chairman.”
Hamish McLennan added, “I look forward to continuing the strategy to restore TEN’s performance as a leading entertainment and news content company across all our platforms and so increase value for our shareholders.”
33 Responses
he is a Trojan horse!
or possibly terrible at his job haha
OneTel anybody?!
To those wondering why News would buy Ten: easy.
Right now, it’s cheap, and Ten can’t afford to promote anything. But once it’s (officially) in the family, News-papers would become PR machines for everything on Ten’s schedule, convincing the sheep to switch over and stay there, in exactly the same way Rupe got his friends the Liberals elected when in any other world, they’d be a laughing stock.
As ratings go up, revenue goes up, share price goes up, and as a bonus, Rupe now has another megaphone with which to dictate how Australians should vote, ie for the party that will help him make more money.
Any questions?
” I thank Lachlan for the contribution he has made during a very difficult time for the Company.”
But hang on, wasn’t he considered by all and sundry to be the cause of “a very difficult time”?
@NicH – Yes, heard that. Thought it was hilarious. Wondering if it was intentional? Either way, sure to be on the end-of-year blooper reel.
I’d love to wonder what the average Ten employee thinks of this…
I wonder if in another 6 months or so, after TEN has completely gone down the s-bend, that Foxtel could end up running shows on TEN? They’ve been pushing for an FTA slot for their news and access to the FTA network from the Kim Williams’ days. Or not.
Lachlan rides of into the sunset after scorning advice, sacking competent executives and many staff and driving share price to all time lows. However his successor Hamish McLennan has “deep international experience”….but not in television. Lachlan has gone but the future under this arrangement will not be brighter until the other major individual shareholders cut their losses and move on.
Perhaps One can bring back the NFL and NBA and restore it’s semi Sports cred.
On the Late News last night, Hugh Rimminton announced Hamish Macdonald as the new chairman…oops!
LOL anyone have a clip please?
So let me get this right Mr Mudoch as left his “non” position at ten, to take up another ‘non position”!
LOL, I trust he doesn’t get paid in monopoly money!
Anti – Siphoning….
free-to-air broadcasters essentially have first refusal to certain sporting event broadcasting rights, food for thought!
@chivasssimo
I couldn’t think of a worse media investment. Its old tech and along way behind the current trend, ch10 may not come back. If the internet sppeds improve and netflix turn up in Oz, then 1 of the 3 comm chs may well go down the gurglar
This is good news for TEN. No matter how bad their ratings are, it is still an unrivalled asset for News to have access and ownership of a national broadcaster. Just announce it already. There wouldn’t be another opportunity to get access to a broadcaster at such a cheap price.
Thanks for your contribution?!? This guy has the worst track record how we can be the CEO of anything amazes me.
Good riddance Lachlan, hopefully Ten can start to lift themselves out of the poo.
Step 1 – actually invest in creating some new content!!!
WHat i dont get is even if News Ltd were to buy TEN, what would they get exactly? Its been shown that is nothing left there worth salvaging, its a trainwreck of a network
I presume he is still going to have some sort of influence at TEN as a major shareholder. Unfortunately.
So the theory is News will pounce on Ten. Then what? They’d have a network that’s coming 4th (and almost touching on 5th in some cases) in a 3 horse race, and losing large $$$ and is off most viewers radar.
Why bother?
TEN finally now has a chance! If I had News Corp shares I’d sell them immediately!
Lachlan was forced out of the US by famed CEO Peter Cherin only to land on our fine shores.
A string of failed investments followed in Australia and so he planned his return to News Ltd at his brother’s expense.
He has lost 82% of the money invested in Ten (without accounting for the numerous Capital Raising and personal guarantees). He has fired or made 350 staff redundant and is delivering the lowest shares ever recorded for Ten.
God help News Ltd……
After bringing his immense skills from running One-TEL.
The skills only a father could love.
Poor News Corp & 21st Century FOX … a storm is coming your way ……
Lachlan has now left TEN after doing what he wanted to do: drive Ten’s ratings down making it the number 4 network (just behind the ABC) and thus making it nice and cheap for News Ltd to buy.
Thank God.” On behalf of the Board I thank Lachlan for the contribution he has made during a very difficult time for the Company”. the difficult time started 4 years ago when Lachlan started to “contribute”. Now that he’s done his job by driving share prices down, he’s leaving ten so there isn’t a conflict of interest when News corp buys it at a bargain basement price. Well done to the murdochs, always looking 20 moves ahead, they are playing chess not checkers.
Lol I bet secretly they couldn’t wait to get rid of him.
Can’t wait to hear everyone’s comments on this story! I am Getting a bit sick of everybody bagging ten for “bagging ten’s sake’. But win it come to this guy who has single handed put ten in the poo. I say guys. Go for it!!!!
This is a real shame as Lachlan has helped make ch10 what it is today. His contribution has been immense……