Nine Entertainment has announced that Mike Sneesby will step down as chief executive, leaving the media company at the end of the month.
In a note to the ASX, Mr Sneesby and the board said they considered it was the "right time for transition of leadership".
"On behalf of the board, I thank Mike for his significant contribution to Nine over more than a decade," Nine chair Catherine West said.
The company's chief finance and strategy officer, Matt Stanton, will act in the role from October 1 while the company searches for a new boss.
Ms West said Mr Stanton is well-placed to lead the business "while a search for a new CEO is underway".
In an email to staff, Mr Sneesby said he was stepping down after more than 10 years combined as chief executive of Nine and before that, the founder and chief executive of streaming service Stan.
"I want to be completely open about the circumstances surrounding my departure," he wrote.
"To give some context, this year has been one of the most challenging in my career — one where our resilience has been tested.
"Despite the intensity of the scrutiny, my focus has not wavered from achieving the best outcomes for our people and for Nine.
"In recent months I have reflected greatly on my plans for the future, and in consultation with my family and those close to me, I made a personal decision to consider new opportunities in 2025 after seeing through the important work we are doing around our workplace culture and the outcomes of the culture review."
Mr Sneesby said in a statement to the ASX it had been a privilege to lead the business and he firmly believed Nine is "Australia's best media business, with premium assets and the sector's leading media professionals".
Departure comes at a tricky moment in the media industry
It has been a difficult period in the media industry after a series of restructures and redundancies at both News Ltd and Seven West Media in recent months.
In late August, Nine delivered its financial year report, revealing a 3 per cent decline in revenue to $2.6 billion and a 28 per cent fall in net profit after tax and minorities to $189.4 million.
The company results followed months of internal turmoil, with a review into workplace culture currently underway following serious claims of "alleged inappropriate behaviour" at the network by former senior news boss Darren Wick.
Many staff were left bristling over the hefty payout, reportedly worth more than $1 million, given to Mr Wick when he left in May.
The culture review was announced in June and will include recommendations for change. Nine insiders are bracing for what could be damning findings.
Yesterday, the network's director of people and culture Vanessa Morley said the review would be released at the end of October, though no specific date was given.
Mr Sneesby also became something of a lightning rod for staff angst after he was photographed in Paris holding the Olympic torch shortly after the company had embarked upon a redundancy program and during a tough round of wage negotiations.
But it is Nine’s poor financial performance during his time as chief executive that has weighed heavily upon his continued tenure.
Nine's market value dropped below $2 billion in the past week, with the stock now plumbing a $1.18 a share low, having lost around 60 per cent of its value from the $3.09 a share peak during the pandemic recovery.
Nine is trading ex-dividend, which has also taken a slice from the share price.
Mr Sneesby's departure follows the exit of Nine chairman Peter Costello in June.
The former Howard government treasurer stepped down following an altercation with a News Corp journalist at an airport in Canberra, which he denied.
Mr Costello declined to comment when approached by the ABC.
