Nine Entertainment Co chief executive Hugh Marks has abruptly resigned, marking an end to five years at the top of one of the country’s biggest media companies.
Mr Marks told staff in an email on Saturday afternoon that he was resigning and the television, radio and digital company would commence a formal process for his replacement. He did not got into detail about why he was leaving.
“I want to take this opportunity to tell you what a privilege it has been leading this business over a
truly transformational period for both the media market generally, and particularly our business,” Mr Marks said.
Mr Marks’ exit follows one of the best performing weeks for Nine on the ASX since it merged with Fairfax Media in 2018. Nine is now the owner of this masthead. At the company’s AGM on Thursday, Mr Marks told shareholders Nine expects a 30 per cent boost in earnings for the first half of the financial year. The forecast followed the announcement that streaming service Stan would launch a sports channel and that the company had secured broadcast deals with the rugby union, Wimbledon and Roland-Garros.
His resignation also coincides with industry speculation and reporting about his relationships with colleagues.
Nine chairman Peter Costello was asked about an article in The Daily Telegraph from May which suggested Mr Marks was in a relationship with his executive assistant, Jane Routledge. Mr Costello said Mr Marks had not breached any company policies.
An article in The Sydney Morning Herald and The Age on Saturday reported Mr Marks was in a relationship with Nine’s former managing director of commercial Alexi Baker. The relationship began when the pair were working together and Ms Baker reported to the chief executive.
Nine shares closed at $2.44 on Friday, down 1.6 per cent.
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Source: Thanks smh.com