Nine Entertainment chief executive Mike Sneesby will step down from the publishing and broadcast giant at the end of the month, ending a 3½-year tenure that included record earnings in 2022 but was marred by cultural problems and rising costs.

Mr Sneesby announced his resignation on Thursday morning after losing the confidence of Nine’s chairwoman, Catherine West, and with major shareholders unhappy about the pace of strategic changes at the television, publishing, streaming and radio company, according to people close to the matter not authorised to speak publicly.