Sharemarket welcomes Seven boss Tim Worner’s immediate departure

Shareholders reacted positively to news Tim Worner had been left his post after six years as chief executive at Channel Seven’s Seven West Media effective immediately.

Shareholders reacted positively to news Tim Worner had been left his post after six years as chief executive at Channel Seven’s Seven West Media effective immediately.

Under ongoing pressure, Seven West Media’s share price jumped sharply off the back of the news and finished seven per cent higher at 40 cents, which came as a welcome relief to shareholders given the overall share price has plumetted from $1.10 in September.

Tim Worner has quit Seven West Media.

James Warburton will take over at Seven.

Former APN Outdoor chief executive James Warburton, who was once chief digital and sales officer at Seven Media Group, has replaced Mr Worner as CEO and managing director.

“All parties agree now is the time for change,” Seven chairman Kerry Stokes said in a statement. “We are fortunate that James was available to commence immediately.”

The final decision for Mr Worner’s departure was made when he met with Mr Stokes in Sydney on Thursday night.

It is understood there had been ongoing discussions between the pair over a succession plan for Mr Worner.

Kerry Stokes says it is time for change at Seven. Picture: Colin Murty

The decision is believed to have been prompted by the increasingly difficult market, in which after 12 consecutive years of number one Seven is at risk of losing its crown to rival Nine Network.

Of key importance to Seven moving forward is widening the demographic appeal of the entertaimnet schedule and in turn increasing revenue.

“The ratings race couldn’t be closer between the fiercest of commercial TV rivals,” commentator and Mediaweek editor James Manning said. “At the end of last week the TV leader for the last decade was leading by the smallest possible margin — Seven had a year-to-date audience share of 29.7 per cent while Nine was on 26.7 per cent. And more importantly, Nine will win the key demo of the 25 to 54 year age bracket, which is what impacts the investment from advertisers.”

That’s where Mr Warburton has excelled throughout his career. He was chief digital and sales officer at Seven Media Group before becoming Ten CEO for a short stint of 13 months in 2012.

Amber Harrison was ordered her to pay Channel 7's legal fees. Picture: Stuart McEvoy

Mr Worner had been with Seven for 25 years and led Seven West Media for six, a period that included a legal battle that followed the 2016 revelation of a two-year affair with a junior employee.

“It’s with mixed emotion that I tender my resignation, however Seven — a company I love — is a very different company now from the one I joined 25 years ago,” Mr Worner said. “It’s changed faster than ever in these last few years and that’s down to the hard work of the best team in the business.”

Mr Worner’s departure comes two years after he forfeited a $500,000 bonus when Seven West Media endured a financially tough 12 months.

That loss of income also came off the back of the messy fallout from Mr Worner’s affair with former Seven secretary Amber Harrison.