Network Ten Boss Quits
McLennan has been replaced by Non-Executive Director David Gordon.
Paul Anderson the former Chief Operating Officer has been appointed Chief Executive Officer effective immediatly.
Mr Gordon has been a Director of Ten since April 2010 and, as a member of the Independent Board Committee, has been closely involved with the strategic transactions that saw Foxtel take a 15% shareholding.
Mr Gordon said: “The Board thanks Hamish for his contribution during what has been a challenging period in TEN’s history. He has led a strong and talented management team to effect a turnaround in the Company’s performance.
“Hamish will work with myself and Paul Anderson on a seamless transition and he will continue to advise and assist the company until the end of the year”
“TEN is in an important and exciting phase, as we continue to build our revenue on the back,of strong audience growth since mid-2014 and transition our sales activities to Multi Channel Network (‘MCN’); and maintain our clear focus on growth and efficiencies,” he said.
Hamish McLennan said: “The strategic arrangements announced on June 15, including the proposed investment by Foxtel in TEN and the transformative agreement with MCN, mean
that my role is complete.
“An independent Chairman is needed to lead the Board through the next phase of the Company’s development. David Gordon has been an exceptional Director and his contribution has always been of the highest standard. He will represent all shareholdersvery well.”
See Murdoch being questioned about Ten Investment here.