Hugh Marks has resigned as CEO of Australian media conglomerate Nine Entertainment.
Marks announced his departure in an email to staff at the weekend in which he said that it was the right time to “begin the process of moving on” after leading the company, which owns broadcaster Nine Network and streaming service Stan, for the past five years.
The executive, who helmed the company through its $4.2bn merger with Fairfax Media in 2018, said that he plans to stay in the role through the first half of next year to ensure a smooth transition for his successor.
“When I was appointed CEO five years ago, my brief was to lead the transformation of what was then a television business to a digitally-based media company. We have achieved so much in that time.”
“Bringing together three legacy media businesses, each with their own structural challenges, and investing in the assets that will ensure our position at the forefront of Australia’s media future,” said Marks in a statement filed to the Australian Stock Exchange.
“Nine’s suite of assets today- with Stan, 9Now and Domain complementing our core broadcasting and publishing businesses – is second to none in Australia.
“With almost 50% of our earnings sourced from our digital assets providing a clear growth profile for the company,” he continued, adding that he believed this was “an opportune time to announce my retirement.”