Hamish McLennan resigns as CEO of Ten Network
The Ten Network today announced that the current CEO and the executive Chairman Hamish McLennan has resigned from his role, making way for a new CEO and an Executive Officer. It is all set to welcome its 5th chief executive in five years. Paul Anderson, the present Chief Operating Officer will assume the role of the chief executive in place of Mr. McLennan.
As indicated earlier by the Australian Financial review, former lawyer, David Gordon will fill up the vacancy for the role of the chairman, after Mr. McLennan steps down. Mr. McLennan in a statement said that his duties towards the company is now complete. "The strategic arrangements announced on June 15, including the proposed investment by Foxtel in Ten and the transformative agreement with MCN, means that my role is complete," he told the ASX.
Hamish McLennan undertook the responsibility of supervising the Foxtel’s investment in the Ten Network as well as its association with the advertising sales group MCN. He further said that the duty of an independent chairman is to lead the board through the next phase of development and he believes that David Gordon has excelled in his role as a director and has made contributions of the highest standard to the company. Mr McLennan also said he is certain that Mr. Gordon would act for the shareholders very efficiently. It has been reported by the Sydney Morning Herald that Mr McLennan reiterated his confidence in Mr Paul Anderson as well, by saying that he is the "ideal person to lead the Ten team" with his 12 years of experience with the company. Mr Paul Anderson has been tackling the dual role of Chief Operating Officer as well as the Chief Financial Officer.
The Australian reported that, Ten Network, which has aired shows like I’m Celebrity. MasterChef and Get Me Out Of Here, had incurred a net loss of $264.4 million in its march quarter, after it brought down the value of its free-to-air television licence by $251.2 million.
"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,” Mr Anderson Said.
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