Seven West Media’s Warwick Lynch in box seat for permanent CFO role

Seven West Media acting chief financial officer Warwick Lynch is the frontrunner to nab the job on a permanent basis.

Seven West Media acting chief financial officer Warwick Lynch is the frontrunner to nab the job on a permanent basis, as the search to fill the role draws to a close.

Industry sources told The Australian they received a flurry of phone calls last week from headhunter People One and professional services firms asking for advice about potential candidates.

It is understood this was part of a final push before the process is wrapped up and a decision is made.

Seven began the search to replace former CFO Dave Boorman after he abruptly left the free-to-air television, magazine, newspaper and digital company in January.

Mr Boorman was appointed CFO of Seven rival Ten Network Holdings last week, replacing Paul Anderson who moved to the chief executive role in July.

An announcement on Seven’s new CFO is expected before the end of the year but it is unlikely to come in time for Seven’s annual meeting next week.

Mr Lynch, who was deputy CFO under Mr Boorman, is well-regarded in media circles, after overseeing a number of complicated financial transactions at Seven.

There is also a lack of obvious candidates within the media sector to fill the role.

Some of the recommendations given by those sounded out by People One were from outside the sector.

Under Mr Lynch’s stint as acting CFO, the company converted convertible preference shares held by parent company Seven Group Holdings in June, which saw its stake in Seven West grow to just under 40 per cent from about 35 per cent. At the same time, Seven West launch a rights issue that raised $310.7 million.

The news comes amid a raft of management changes in the media sector as a new generation of executives step up to more senior positions.

As revealed by The Australian, Nine director Hugh Marks is poised to take over from long-term CEO David Gyngell, while Mr Anderson replaced former Ten executive chairman Hamish McLennan.

Former lawyer David Gordon was installed as Ten chairman, after five years on the board.

Mr Lynch previously served as acting Seven CFO after Peter Lewis left the company in March 2013 until Mr Boorman arrived in June of that year.