An emergency board meeting has been held today in Sydney where Nine’s CEO Hugh Marks tendered his resignation.
Rumours were swirling on social media today about the emergency meeting and the departure of Marks.
Sources tell TV Blackbox, Stan CEO Mike Sneesby and Nine’s chief digital and publishing officer Chris Janz are the frontrunners to replace Marks.
You know something big is about to drop when an emergency board meeting is called on a Saturday in the media game. Often it’s about getting in ahead of the next day’s papers. Developing….
— Peter Ford (@mrpford) November 14, 2020
Late last year, Marks confirmed he had separated from his wife, ending a 20-year marriage. In response to questions from The Daily Telegraph, the couple released a statement requesting privacy,
“This is a private family matter and a painful time for us all. Please respect our privacy and in particular that of our children.”
In March of this year, Daily Telegraph columnist Annette Sharp published photos of Marks relaxing in a Mosman park with his executive assistant Jane Routledge.
It’s important to note Marks has always denied any romantic relationship with Routledge, but the allegations published by the rival News Corp publication have caused numerous rumours since.
Questions regarding the relationship were raised this week at the companies AGM. Nine’s Chairman, Peter Costello indicated Marks had not broken company policies.
Earlier today, the SMH (A Nine owned publication) published an article indicating Marks was in a relationship with Nine’s former managing director of commercial Alexi Baker. The report indicates the relationship began while Baker was reporting directly to Marks.
Sources say Marks has decided to leave the company due to the toll the job has taken on his private life.
Specifically, Marks does not want to be a notable figure and as the man in charge of one of our biggest media companies, that simply isn’t possible while in the role.
It’s understood an article is due to appear in The Daily Telegraph tomorrow about Marks but insiders at Nine are insistent the upcoming article has nothing to do with his decision to leave the company.
Hugh Marks has been CEO of Nine since 2015. During that time he has been responsible for completely revolutionising what was a traditional TV broadcaster, into a far-reaching digital empire.
Important decisions made during his tenure include the dumping of costly cricket broadcast rights in favour of Australian Open Tennis, the creation of SVOD service STAN, and catchup platform 9Now, significant cost-cutting at Nine Television, and merging with Fairfax to acquire print, digital and radio assets.
Just this week, Marks announced bold plans to develop a sports add-on for Stan in a move that will see the platform commence competing against Kayo for digital sporting eyeballs
Mark’s departure was confirmed in a note sent out to staff:
Dear Colleagues,
After five successful years for Nine, I have decided the time is right for me begin the process of moving on.
An announcement to this effect will be made to the market on Monday and we will then commence a formal process for both internal and external candidates for my replacement. And of course, I will be around to ensure a smooth transition as the business embarks on its next stage of growth.
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.
We have gone from being three separate, legacy media businesses in Nine, Fairfax Media and Macquarie Media, each with their own structural challenges, and created a business that now has a diversified revenue base across both advertising and subscription, and that has a clear growth strategy for decades to come.
We have demonstrated the importance of great content, be that in the powerful and unique journalism we create every day, across all platforms, or in entertainment, where the shows we build become household names and engage Australians in their millions. Because at the end of the day, we are, and will remain, a content business.
COVID-19 has also demonstrated how we are stronger together. It is clear now, that Nine’s assets across television, radio, print and digital are a unique proposition together for advertisers, but also for Nine, as we grow powerful subscriber businesses, like Stan and our mastheads, both of which are at record subscription levels.
Trust me when I say there is no other company with the assets or strategic position of Nine.
In particular, I want to thank our Chairman Peter Costello for the extraordinary support he has given to me and to the entire business over the past five years. His commitment to us all and to our future success is without peer.
I leave knowing that Nine has an incredibly strong management team leading it across all its businesses. And of course, a depth of passion and drive and commitment right through all of our people.
Finally, I want to thank each of you for what you do every day. It is the ingenuity, creativity and dedication that you all bring to Nine and the Nine family which makes this place special, and which will ensure it continues to lead the market for many years to come.
Hugh
*Additional Reporting by Kevin perry
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