Infighting at Nine has culminated in Mike Sneesby being appointed CEO, effectively ending the old Fairfax Media regime.
After months of infighting led by chairman Peter Costello, the board of Nine Entertainment has opted for Mike Sneesby, chief executive of the Stan streaming video business, to lead the company after current CEO Hugh Marks steps down at the end of the month.
Sneesby was preferred over Chris Janz, the most senior Fairfax executive at Nine and the one who has overseen the stabilising of the major titles: The Sydney Morning Herald, The Age in Melbourne and The Australian Financial Review.
Investors didn’t care. The shares edged up to $3.07 and company’s market value remained above $5 billion.
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