Nine board update
Nine board update
Nine Entertainment Co. (ASX: NEC) today announces Peter Costello AC has resigned as chairman and will also step down from the Board effective immediately.
Catherine West has been appointed Chair of NEC. Last year the Board engaged a search firm to identify potential new directors as part of renewal and succession plans. The Board’s Nominations Committee will take this process forward.
The Board wishes to thank Mr Costello for his contribution to Nine over more than a decade including eight years as chairman. Mr Costello played a key role in Nine milestones such as its successful re-listing on the Australian Stock Exchange in 2013, securing the landmark News Media Bargaining Code and the transformative merger with Fairfax Media.
Mr Costello said, “I thank the Board for their support over the last decade and particularly during the events of the last few weeks. I wish the Board, the employees and the Company well. There are enormous challenges ahead but I believe Nine is the best placed Australian media company to weather them and prosper.”
Ms West said: “On behalf of the Board I want to thank Peter for his dedication and commitment to Nine. Peter has led the transformation of Nine from a free to air network to a fully integrated media company with traditional and digital media assets across television, streaming publishing, audio and marketplaces. As Chairman, he has always put the needs of the company first and his decision to stand down and pass on the baton of leading Nine at this time is in line with that approach.”
Ms West has worked in the media and entertainment industry for over 30 years in the United Kingdom, Europe and Australia and brings extensive experience and a proven track record to the role of Chair.
Ms West said “The Board knows that the events of recent weeks have been extremely difficult and de-stabilising for our employees and other stakeholders and we are committed to ensuring, through our cultural review and other actions announced last week, that issues will be appropriately addressed.”
“The Board and management are united in focusing on the well-being of our people in all parts of our business. At Nine, we do work that has an important value to the community and the Board and management acknowledge their responsibility to ensure all parts of business, including our newsrooms, feel supported. We want to ensure our people can feel proud of our company and colleagues and the work they do.”
As a consequence of Mr Costello’s resignation and Ms West’s appointment as Chair, Mickie Rosen has been appointed to the Audit & Risk Committee and Mandy Pattinson will become the Chair of the People & Remuneration Committee.
The Board recognises action and accountability are required to maintain trust. The Board and management are united in focusing on the well-being of our people in all parts of the business.
This announcement was authorised for lodgment by the Board of Directors of Nine.
For further information, please contact:
Nola Hodgson
Head of Investor Relations
nhodgson@nine.com.au
Victoria Buchan
Director of Communications
vbuchan@nine.com.au
Sunday, June 9, 2024