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Ten CEO exits in reshuffle

Australia’s Network Ten has appointed a new CEO after the resignation of current incumbent Hamish McLennan.

Current Ten CFO and COO Paul Anderson is the broadcaster’s new chief executive, with non-executive director David Gordon becoming chairman after McLennan also relinquished his executive chairman post.

Gordon has been a Ten director since 2010, and is credited with being a key figure in the recent agreement to sell a 15% stake in the network to pay TV group Foxtel.

That deal followed an uncertain period for Ten, during which poor ratings and financial issues plagued the network. Ratings and finances have both improved under McLennan in 2015, however, with the Foxtel deal set to officially close in October.

“The board thanks Hamish for his contribution during what has been a challenging period in Ten’s history,” said Gordon. “He has led a strong and talented management team to effect a turnaround in the Company’s performance.

“Hamish will work with myself and Paul Anderson on a seamless transition and he will continue to advise and assist the company until the end of the year.”

McLennan said that following the Foxtel deal, and further strategic arrangement that will see the size of the Ten board shrink to six and the appointment of Multi Channel Network as ad sales representative, his role was “complete”.

“An independent chairman is needed to lead the Board through the next phase of the Company’s development,” he said, and added 12-year Ten veteran Anderson had played a key role in recovering network’s “resurgence”.

“I look forward to continuing to work with the very talented team at Ten to build on the improvements we have seen over the past year or so and execute our strategy, which remains unchanged,” said Anderson.

“Ten has ratings and revenue momentum, as demonstrated by the 15 per cent audience growth our primary channel achieved in the first half of the 2015 ratings year and the exceptionally strong revenue growth we have seen in recent months.”

Anderson, who takes on the CEO post today, will earn a fixed salary of A$1.25 million a year, plus bonuses based on targets. He joined Ten in 2003 and became CFO in 2011. Last year, he added the role of COO.

Ten will now seek a new CFO.