Top Nine executive resigns amid operational review

Nine Entertainment’s head of sales, one of the media group’s most experienced executives, is leaving the company ahead of a likely restructure of its operations.

Michael Stephenson, has been with Nine for 18 years, led its commercial strategy through the $4 billion merger with Fairfax and has been the chief sales officer since 2016.

He was Nine’s second highest-paid executive in financial year 2024, with a full remuneration of $1.25 million, behind only former chief executive Mike Sneesby.

The veteran executive’s departure also comes as Nine, the owner of this masthead, is looking for a permanent replacement for Sneesby, who stepped down in September. Stephenson, who was in the running to lead Nine following the exit of Hugh Marks in 2021, had also flagged his interest in the top job after Sneesby’s exit.

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However, interim chief executive Matt Stanton is likely to be confirmed as Nine’s CEO on a full-time basis in the new year, according to industry sources speaking on condition of anonymity.

Stanton is currently leading a strategic review of Nine’s operations, aided by consultancy firm EY, which includes potentially shifting the company into four new reporting divisions. The review teams will report back in February.

Stephenson, who was responsible for advertising revenue for all of Nine’s divisions, will be replaced in the interim by Nine’s former Melbourne managing director, Matt James.

Subject to significant speculation over his future at Nine after his role was removed in November, James stayed on, moving into a senior strategic advisory role. He now moves up in Stephenson’s place.