TEG – Ticketek Entertainment Group has announced a CEO transition; Brad Banducci is stepping down as Group CEO at the end of May, with Cameron Hoy taking over as the business faces pressure from major international ticketing rivals.
Hoy, current Chief Operating Officer, has been named Group CEO, effective from 1 June.
The former Woolworths Group chief executive joined the group just over a year ago and said his role was to set the business up for its next phase of growth.
Banducci expressed that this is the right time “to transition leadership of the Group”
“With that in mind, I wanted to announce that, consistent with our succession planning, Cameron Hoy, our Chief Operating Officer, has been appointed as Group CEO effective the 1st of June,” Banducci said.
Hoy has spent more than 20 years in the live entertainment and ticketing industry.
“Cam has been part of the live entertainment and ticketing industry for more than 20 years – through growth, change and every version of this industry and it feels appropriate to pass on the baton to someone who has made such a major contribution to building the Group we have today and who is committed to the next chapter of delivering as the partner of choice for venues across the live events spectrum,” Banducci reflected on his contribution.
Hoy comments on new role
Hoy said he was honoured to take on the role.
“TEG exists to partner with the world’s best Venues, Promoters and Rights-holders to connect fans to the moments that matter most, and I am honoured to lead such an entrepreneurial business and team,” Hoy said.
A bruising 12 months
The leadership change follows a challenging period for Ticketek.
As per AFR, last October, the company lost a Venues NSW ticketing contract reportedly worth about $100 million, covering major venues including the Sydney Cricket Ground, Accor Stadium, CommBank Stadium, Allianz Stadium and the redeveloped Penrith Stadium.
The contract was won by Ticketmaster, owned by Live Nation Entertainment. Last month, Ticketek also lost the Melbourne Park contract, covering events at Rod Laver Arena, AAMI Park, John Cain Arena and Margaret Court Arena, to US ticketing provider AXS.
TEG has been facing increased pressure from global ticketing giants with international scale. Its private equity owner, Silver Lake, previously attempted to sell the business for more than $2.5 billion in 2023, but the sale process did not proceed.
Main image: Brad Banducci