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Nine Entertainment Co (ASX:NEC) has confirmed its former acting CEO Matt Stanton is now the CEO proper following his placement in that latter role following the slow burning “#NineToo” scandal of last year.
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Last September, Nine announced – somewhat out of the blue – CEO Mike Sneesby was walking out the door as rumours swirled some at Nine found him an indecisive leader.
(He was, however, credited with building up Australian Netflix competitor, Stan.)
This came at around the same time Peter Costello – then Chair and well-known former Australian politician – also followed the exit signs after he assaulted a journalist from The Australian in an airport in a high-profile incident.
This all followed the departure of Darren Wick in March 2024 after allegations of sexual misconduct at work, which The Sydney Morning Herald described as having been an “open secret” at the company.
(That same writeup also noted Stanton had also a medical episode in the COVID-19 years that threatened to take his life.)
To media watchers this is all fairly well-established lore – and it’s probably not surprising either that Stanton now finds himself fully appointed in the chief’s seat.
If shareholders find that something to balk about, it wasn’t obvious – shares dipped around -0.9% in mid-arvo trades on Thursday, hardly enough to point towards any significant negative response.
Stanton has previous experience with formerly named Bauer Media, as well as a stint as Chief Transformation Officer (CTO) at Woolworths (ASX:WOW).
Perhaps worth noting is Stanton was selected for the role even after a global search.
“The Nine Board confirmed Mr Stanton’s appointment after a comprehensive international search process involving a high-calibre field of candidates,” NEC wrote on Thursday.
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“Following a thorough and competitive recruitment process, Matt was clearly the best credentialled leader to maintain the momentum on our strategic and cultural transformation. He has done an outstanding job as Acting CEO,” current NEC Chair Catherine West elaborated.
West stepped in after Costello’s unfortunate arrivals terminal biffo.
NEC last traded at $1.61/sh.
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