Report: Nine boss can give 12 months notice

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David Gyngell can give 12 months notice of his intention to exit Nine anytime from November 1st, according to Nine’s annual report.

Recent media reports, which have speculated on his future plans, have struggled to nominate possible successors.

Gyngell’s pay has fallen from $19.6m including $14m worth of incentives.

The Australian reports in the past financial year, settled for less than $4.5m including fixed remuneration of $2m. He is expected to sell company shares as soon as he is allowed.

Meanwhile the $640 million sale of Nine’s events business had positioned the company for media deals, a lack of reform had prevented such.

“The sale has left Nine in a net cash position that has created ­significant opportunities to lift ­returns to shareholders but also the ability to move swiftly and convincingly when new opportunities arise,” he said.

NEC Chairman David Haslingden said some media operators had stalled media reform.

“The logic is unquestionable. You can watch our National Nine News on 9News.com.au across the country at 6pm, but not on your television in some regional licence areas,” he said. “We ­remain hopeful that media policy will be updated and we will work with the government as an industry to hasten this ­process.”

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