Mike Sneesby, CEO of Nine Entertainment Co. (ASX: NEC), has announced his decision to step down from his position and as a Director on the Nine Board, effective from 30 September 2024. This decision comes in the wake of the successful completion of the Olympics and Paralympics.

Chief Finance and Strategy Officer, Matt Stanton, will serve as acting CEO from 1 October 2024, while the company undertakes a recruitment process for a new CEO. During his tenure, Sneesby guided the company through the COVID-19 pandemic, secured the rights to the Olympic Games through to 2032, and progressed the strategic and cultural transformation of Nine.

In an email to staff, Sneesby wrote, "I want to be completely open about the circumstances surrounding my departure.  To give some context, this year has been one of the most challenging in my career - one where our resilience has been tested. Despite the intensity of the scrutiny, my focus has not wavered from achieving the best outcomes for our people and for Nine."

"In recent months I have reflected greatly on my plans for the future, and in consultation with my family and those close to me, I made a personal decision to consider new opportunities in 2025 after seeing through the important work we are doing around our workplace culture and the outcomes of the culture review."

He said the  Board opened a discussion about his tenure and, "we agreed that the timing was right to commence a leadership transition. With commitments around Nine’s full-year financial results completed and Nine having successfully delivered the  world-class coverage of the Paris Olympics and Paralympics, the Board and I agreed now was the best time for a transition to commence." 

Sneesby also played a significant role in the success of Stan, a streaming service that now boasts over two million paying subscribers.

Catherine West, Nine Chair, expressed her gratitude for Sneesby's contributions, stating, "On behalf of the Board, I thank Mike for his significant contribution to Nine over more than a decade. As Chief Executive Officer, his achievements include guiding the company out of the challenging COVID-19 pandemic, securing the rights to the Olympic Games through to 2032 and progressing the strategic and cultural transformation of Nine. The world-class coverage of Paris 2024 showcased the power of the Nine’s diversified portfolio of premium media assets. It’s also important to acknowledge Mike’s immense contribution to the success of Stan, building a successful streaming service that now boasts a broad entertainment and sport footprint with more than two million paying subscribers."

West also expressed confidence in Stanton's ability to lead the business during the transition, saying, "Matt Stanton is well-placed to lead the business while a search for a new CEO is underway. An experienced media, FMCG 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. Matt will work closely with Mike to ensure a smooth handover. Matt will be well supported by an experienced and passionate leadership team who will ensure Nine continues to build on its strategic priorities of Content, Data and our Integrated Audience Platform. Nine is in a strong position to execute the next phase of transformation and growth."

In the statement to the ASX, Sneesby reflected on his time at Nine, stating, "It has been a privilege to lead this business but now is the right time to hand over to a new leader. I take great pride in the achievements of the Company during my time as CEO and thank the Board, the leadership team and everyone at Nine for their support during my tenure. Together, we have navigated significant change in the media landscape in Australia. I firmly believe Nine is Australia’s best media business, with premium assets and the sector’s leading media professionals. I am confident in the future of Nine and remain committed to ensuring a seamless handover to Matt."