Thu Sep 12 01:10:44 UTC 2024: ## Nine Entertainment CEO Steps Down, Shares Plummet

**Sydney, Australia** – Australian media giant Nine Entertainment announced today that CEO Mike Sneesby will be stepping down, effective September 30th. Chief Finance and Strategy Officer Matt Stanton will take over on an interim basis.

The news sent shockwaves through the market, with Nine’s shares plummeting as much as 4.4%, reaching their lowest point since April 2020. The stock was among the top losers on the benchmark index, which otherwise experienced a 0.6% gain.

Sneesby’s departure follows a challenging year for Nine, which saw a 22% drop in net profit after tax and a 3% decline in revenue. The company is currently facing pressure to cut costs and maintain profitability in the coming fiscal year.

Analysts, such as Darren Leung of Macquarie Securities, believe that the CEO change is necessary to ensure focus on cost-cutting measures. Stanton, who joined Nine in August 2023, brings experience in transformation and finance from his previous role at Woolworths.

This leadership change follows the resignation of chairman Peter Costello earlier this year. The company has initiated a search for a new CEO.

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