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Nine Entertainment Co chairman and former federal treasurer Peter Costello has resigned from his role and stepped down from the company’s board.
Costello, who was appointed in 2016, will be succeeded by current deputy chairman Catherine West, who has worked in the media and entertainment industry for more than 30 years in the UK, Europe and Australia.
In an email to all staff on Sunday afternoon, Nine chief executive Mike Sneasby said the board wished to thank Costello for his contribution to Nine over more than a decade, including eight years as chairman.
“Mr Costello played a key role in Nine milestones such as its successful re-listing on the Australian Stock Exchange in 2013, delivering the landmark news media bargaining code and the transformative merger with Fairfax Media,” Sneesby said.
“I want to thank Peter for his contribution to Nine over more than a decade.
“As the announcement makes clear, he has played an important role in nine major milestones during that time – a period marked by dramatic digital transformation for the media industry and our company.
“Our Vice Chair Catherine West has been appointed Chair and will lead the existing plans to renew the Board.
“It’s been a challenging few weeks for our company and I want to express my heartfelt appreciation to all of you for your hard work.”
Costello thanked the board for their support over the past decade and especially during the events of the past few weeks.
“After almost eleven years on the board of Nine Entertainment Company (NEC) and more than eight years as chairman, I had noted that I was stepping down from the board some time after the Olympics in July and no later than the AGM in November,” Costello wrote.
“Last year, the company hired a search firm to identify new directors. Work has progressed.
“I have today informed the NEC board that I will extend this term, step down as chairman and resign as a director.
“Deputy chairman Kathryn West has been working with the search firm and is well-positioned to chair the company and complete the board refresh process.”
“The board has been supportive of the events of the last month and in particular the last few days. But going forward, I think they need a new chairman to bring them together around a new vision and someone with the energy to drive that vision into the next decade.”
West added: “On behalf of the board, I want to thank Peter for his dedication and commitment to Nine.
“Peter led Nine’s transformation from a free-to-air network into a fully integrated media company with traditional and digital media assets across television, streaming publications, audio and marketplaces.
“As chairman, he has always put the needs of the company first and his decision to step down and hand over the leadership of Nine at this time is consistent with that approach.”
Costello was Treasurer of the Australian Union from March 1996 to December 2007 and was the longest serving Treasurer in Australian history.
Last week Costello denied assaulting a journalist who asked him questions at Canberra airport about Nine’s handling of the allegations following the departure of TV news chief Darren Wick.
Nine is the publisher of this website.
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