Just two days after fronting the Nine Entertainment Co AGM, CEO Hugh Marks is standing down from the role and leaving the business.
“After five successful years for Nine, I have decided the time is right for me begin the process of moving on,” Marks said in a note to all staff sent on Saturday afternoon.
The resignation comes after a rushed Saturday board meeting. It also comes after details of his private life were revealed in the company’s Sydney Morning Herald on Saturday. There is speculation further detail about Marks and his relationships will be detailed in The Sunday Telegraph this weekend.
See also: Relationship sparks for Marks by Andrew Hornery
Five years after being appointed chief executive of the media giant Nine Entertainment, owner of this masthead, Hugh Marks remains bewildered why “anyone is actually interested in my personal life”.
Marks has indicated he will remain at Nine to ensure a “smooth transition” to the new leader.
In his note to staff, Marks said: “We have gone from being three separate, legacy media businesses in Nine, Fairfax Media and Macquarie Media, each with their own structural challenges, and created a business that now has a diversified revenue base across both advertising and subscription, and that has a clear growth strategy for decades to come.
“We have demonstrated the importance of great content, be that in the powerful and unique journalism we create every day, across all platforms, or in entertainment, where the shows we build become household names and engage Australians in their millions. Because at the end of the day, we are, and will remain, a content business.
“COVID-19 has also demonstrated how we are stronger together. It is clear now, that Nine’s assets across television, radio, print and digital are a unique proposition together for advertisers, but also for Nine, as we grow powerful subscriber businesses, like Stan and our mastheads, both of which are at record subscription levels.
“I leave knowing that Nine has an incredibly strong management team leading it across all its businesses. And of course, a depth of passion and drive and commitment right through all of our people.”