David Gyngell has stepped down as chief executive of Channel Nine after eight years at the helm, to be replaced by Hugh Marks, a former chief executive of production company Southern Star who has been on Nine’s board since February 2013. Gyngell will remain on the board as a non-executive director.
Gyngell, the son of legendary television executive Bruce Gyngell, stabilised the network after a period of management upheaval, improved ratings to beat Seven in news, saved the company from bankruptcy, and sold the magazine arm ACP to Bauer Media. In 2014, after guiding Nine’s public float, his salary was boosted to $20m from bonuses and shares, making him the highest-paid media executive in Australia.
Gyngell twice ran Nine, famously quitting in 2005 and blaming Kerry Packer for excessive meddling, then returning in 2007. He was close to the late Channel Nine owner and grew up with his son James. He also made headlines for a brawl with James Packer, who was his best man, and in October 2012 when his wife, Nine presenter Leila McKinnon, gave birth just hours after he left negotiations to save the company from receivership.
In a statement, Gyngell said: “I have great regard for Hugh Marks. He’s got the experience, he’s got skin in the game, he knows the industry so well and he’s very well-regarded. Hugh was an obvious selection as CEO and I believe he’ll do a stellar job. For my part, it’s time.”
Marks takes over a network that has seen improved performance under Gyngell, who was appointed after a disastrous period with three CEOs in rapid succession. Gyngell noted in a personal message to staff: “We have been and remain the best brand in our game, and that’s down to the sheer talent, hard work, dedication and loyalty of our great team.”
