Hugh Marks quits as Nine CEO

Hugh Marks has quit as Nine Entertainment CEO after 5 years.

In a statement he indicates he is moving on, but the bombshell follows what is believed to be an emergency board meeting today, and an interview in the Sydney Morning Herald in which he defends change in his private life.

“After five successful years for Nine, I have decided the time is right for me begin the process of moving on,” he said in a statement to staff this afternoon.

“An announcement to this effect will be made to the market on Monday and we will then commence a formal process for both internal and external candidates for my replacement. And of course, I will be around to ensure a smooth transition as the business embarks on its next stage of growth.”

The news comes just two days after the company’s AGM.

“I want to take this opportunity to tell you what a privilege it has been leading this business over a truly transformational period for both the media market generally, and particularly our business.

“We have gone from being three separate, legacy media businesses in Nine, Fairfax Media and Macquarie Media, each with their own structural challenges, and created a business that now has a diversified revenue base across both advertising and subscription, and that has a clear growth strategy for decades to come.

“We have demonstrated the importance of great content, be that in the powerful and unique journalism we create every day, across all platforms, or in entertainment, where the shows we build become household names and engage Australians in their millions. Because at the end of the day, we are, and will remain, a content business.

“COVID-19 has also demonstrated how we are stronger together. It is clear now, that Nine’s assets across television, radio, print and digital are a unique proposition together for advertisers, but also for Nine, as we grow powerful subscriber businesses, like Stan and our mastheads, both of which are at record subscription levels.

“Trust me when I say there is no other company with the assets or strategic position of Nine.

“In particular, I want to thank our Chairman Peter Costello for the extraordinary support he has given to me and to the entire business over the past five years. His commitment to us all and to our future success is without peer.

“I leave knowing that Nine has an incredibly strong management team leading it across all its businesses. And of course, a depth of passion and drive and commitment right through all of our people.

“Finally, I want to thank each of you for what you do every day. It is the ingenuity, creativity and dedication that you all bring to Nine and the Nine family which makes this place special, and which will ensure it continues to lead the market for many years to come.”

This post updates.