Report: Gygnell’s exit followed “almighty scrap”

The Australian today has published an article speculating on why David Gyngell left Nine.

It suggests Gyngell and Chairman David Haslingden did not see eye to eye, culminating in “an almighty scrap” last October. But not one of the Packer legend…

While it notes the two are now amicable, it suggests Haslingden was eager to be CEO himself, at least for an interim period, while another plan would see Gyngell to step back into the chairman’s role and Chief Financial Officer Simon Kelly to take over as CEO -a role Hugh Marks eventually won.

It continues:

But it was not to be. Gyngell was ready for a break after a rollercoaster 17 years at Nine over two stints. He felt he would face the same ­scrutiny from ­investors and the media as chairman while getting paid a tenth of the salary he received as CEO.

Kelly was aligned with Gyngell. So with Haslingden remaining as chairman, the COO’s elevation to the top job was unlikely, although it’s understood other alternative chairman were spoken about.

Marks may well prove the right choice, but there are two schools of thought within Nine about his appointment.

One is that he was always considered a potential successor to Gyngell and that’s why he was appointed to the board in 2013 before the float. The other is that his appointment was a comfortable compromise in the Gyngell- Haslingden feud.

All of this will be irrelevant should Marks prove a success.

You can read more here.