ARN Media has announced a major leadership change, with long-serving chief executive Ciaran Davis set to step down in January 2026 after 16 years in the role.
Chief operating officer Michael Stephenson will take over as CEO, marking a carefully managed succession for one of Australia’s biggest media companies.
According to an all-staff email sighted by Mediaweek, Davis and the board had been “working on a succession plan for over a year now”.
Davis continued: “Over the coming months, Michael and I will work closely with the board to make sure the handover is seamless. At the same time, my focus is firmly on supporting the business-delivering a strong Upfronts in October and driving our transformation program forward aimed at building a stronger, more agile ARN that can innovate quickly, serve audiences and clients even better, and position us for sustainable growth in the exciting audio sector,” he wrote.
The news appears to be received well internally. Upon hearing the news about Davis’ decision to stand down, a source within the company contacted Mediaweek offering little more than a single word: “Glorious”.
Sweet sixteen
Davis, who has overseen ARN’s transformation through the launch of iHeartRadio, the recruitment of headline radio talent, and the sale of Adshel and Soprano Design stakes, said it was the right moment to hand over.
“It has been a privilege to lead ARN Media over the past 16 years, working alongside a talented and passionate team,” Davis said in a market announcement.
“With a clear transformation strategy in place and an excellent successor in Michael, I believe now is the right time to step aside.”
Davis officially stepped down from the ARN board this week but will continue to work with Stephenson and the directors through the transition period.
ARN chair Hamish McLennan said Davis had been “outstanding” in navigating a rapidly changing media environment and praised Stephenson’s credentials: “Michael brings deep experience and understanding of our strategy and operations, as well as the broader media industry, making him the ideal candidate to drive the company forward through its next phase.”
For his part, Stephenson said: “It is a great honour to lead ARN Media. We have the biggest stars, the best brands, a global streaming platform and an incredible team.
“We have a bold vision for the future and are well positioned to take advantage of a range of new and emerging opportunities that will benefit our audience, our advertisers and our shareholders,” he said.
Rise to power
Stephenson came to ARN after spending more than 15 years at Nine Entertainment Co. (NEC). In his final role there, Stephenson worked as the chief sales officer was the architect of the company’s ‘Total Media’ strategy, spanning television, publishing and audio.
He also oversaw the integration of commercial teams in the wake of the Nine, Fairfax and Macquarie Radio mergers in 2018, and played a central role in the creation of VOZ and VOZ Streaming – establishing a new trading currency for Total Television.
At the time of his appointment at ARN, Davis said that Stephenson’s leadership style and extensive experience “make him the ideal candidate to join our executive team as COO.”
He continued: “His deep relationships with Australia’s top advertisers, proven ability to drive share of advertising, and entrepreneurial approach to foster a collaborative, creative, and inclusive work environment align perfectly with ARN Media’s mission to transform audio entertainment in Australia.”
Financial pressures
Davis leaves ARN at a time when the business has been under real pressure to reshape itself.
The company has pushed through multiple rounds of redundancies as part of a transformation program designed to cut costs and reallocate investment.
That has meant offshoring entire departments – including finance, media services and technology – while reducing headcount across the business.
At the time Davis acknowledged the human cost of those changes, calling them “difficult but necessary”.
Financially, it’s also been a balancing act. In its HY25 ARN reported a 2% decline in metro advertising revenue, with regional revenue also down 2%.
Group revenue fell from $344.9 million in FY22 to $334.3 million in FY23, and net profit before tax dropped from $66 million to $45.2 million.
Speaking to Mediaweek after the figures were made public Davis highlighted the impact of ARN’s transformation program, which removed 240 roles over the past year.
“With that comes uncertainty and potentially a lack of focus,” Davis said. “All that work is done now, the new team is settled in, the new people have arrived, and we’re expecting share gain in the second half.”
What comes next
The leadership change comes as ARN continues a transformation program designed to cut costs, boost digital capacity and strengthen its position in audio and streaming.
While Davis leaves behind a long list of milestones, Stephenson inherits a business mid-transition and a clear mandate to build ARN’s next chapter.