Mike Sneesby stands down as Nine CEO after ‘challenging’ year

Embattled Nine Entertainment chief executive Mike Sneesby will leave the broadcaster and newspaper group within weeks as it moves into the next phase of its transformation.

Nine Entertainment CEO Mike Sneesby has quit.

Nine Entertainment chief executive officer Mike Sneesby has abruptly quit the media giant, just seven weeks before the findings of an explosive report into the company’s workplace culture is to be released.

Mr Sneesby, who has led Nine Entertainment since April 2021, announced his resignation early on Thursday, saying this year had been a “challenging” period.

“This year has been one of the most challenging in my career – one where our resilience has been tested,” he said in a note to staff.

“Despite the intensity of the scrutiny, my focus has not wavered from achieving the best
outcomes for our people and for Nine.”

But he insisted his departure was in no way related to the external investigation into allegations of sexual harassment and bullying in the company’s TV division.

Nine boss Mike Sneesby carrying the Olympic torch in Paris in July.

Mr Sneesby will finish at Nine on September 30 and chief finance and strategy officer Matt Stanton has been appointed as acting CEO. He begins on October 1.

Nine chair Catherine West said on Thursday Mr Stanton is “well-placed to lead the business while a search for a new CEO is underway”.

“An experienced media, FMCG (fast-moving consumer goods) and retail executive with a deep understanding of transformation programs, Matt is the right choice to ensure stability and continuity for the Nine business and our people,” she said.

Mr Sneesby’s resignation comes after ongoing turmoil at the media company and four months after he announced an independent review into cultural problems including claims of bullying and sexual harassment at the company’s television arm which is due to be released in October.

He has spent 10 years at Nine and prior to that he was the CEO of the company’s streaming service Stan.

Mr Sneesby was appointed CEO of Nine in April 2021 and replaced Hugh Marks.

In Nine’s 2024 annual report Mr Sneesby forfeited 77.5 per cent of his target short-term incentive for the year, but took home total remuneration of $2.1m, including a base salary of $1.5m.

Mr Stanton’s total remuneration during this period was $1.07m, including a base salary of $791,300.

When Mr Sneesby took over as the Nine boss three years ago the company’s share price was $2.81 but it has more than halved to $1.25 on Wednesday.

When The Australian spoke to Mr Sneesby last month and was asked if he would be at the helm of the company in 12 months time - he would not clarify his future position.

“The CEO is accountable for the performance of (the) business. I take entire accountability for the performance of this company,” he said in August.

Mr Sneesby’s role came under intense scrutiny after The Australian revealed former TV news boss Darren Wick left the company after a female staffer lodged a formal complaint against him.

When Wick was approached by The Australian on the weekend about the allegations he would not comment.

Wick’s exit was followed by multiple allegations of inappropriate conduct against him and other senior staff members and management’s inability to address cultural issues.

Mr Sneesby’s resignation comes just three months after the company saw the departure of chair Peter Costello after he barged into The Australian’s Liam Mendes at Canberra airport when he was asked a series of questions about allegations of misconduct at Nine.

In recent months Mr Sneesby also came under attack from his own staff at Nine’s publishing arm including The Sydney Morning Herald, The Age and The Australian Financial Review after he was seen running with the Olympic torch through streets in Paris in the lead up to the Olympic Games.

Nine had the broadcasting rights in Australia to the Games but publishing staff were irate that Mr Sneesby was running with the torch at a time when hundreds of staff were in dispute with management over their pay and working conditions.

Originally published as Mike Sneesby stands down as Nine CEO after ‘challenging’ year