Anthony Fitzgerald has exited MCN after 15 years as CEO and will be replaced by Mark Frain.
AdNews was aware of a potential shake-up within the business, with News Corp later quashing rumours of his exit.
"There are no high level exits from MCN," a News Corp spokesperson told AdNews at the time.
Fitzgerald has decided to take some time off before deciding on any new future opportunities, News Corp said in a statement.
He described his departure from MCN as "bittersweet".
"It is a business I’m passionate about and have been so proud to lead for the last 15 years. The success of MCN to date has been the result of concerted team effort by people who love television and I know the business is in good hands for the future," he said.
"Mark has the confidence, respect and trust of the industry and will be a tremendous leader. He is both colleague and good friend and I wish him the very best.”
AdNews also revealed News Corp CFO Stacey Brown as the MCN's new chairperson.
Brown replaced Patrick Delany in the role, who moved aside when he became Foxtel CEO in January, succeeding Peter Tonagh.
Brown says Frain, who was previously chief sales and marketing officer at MCN, will lead a new era for the company.
“Mark has diverse global experience across sales, strategic planning and commercial development and is ideally suited to lead the next generation for MCN,” Brown said.
“He is widely regarded as one of Australia’s most respected sales executives and has the vision, expertise and leadership skills to drive MCN’s future growth as it remains at the forefront of multi-screen trading."
Brown thanked Fitzgerald for his contribution to MCN, growing the business to a $1.2 billion operation during his reign.
Foxtel CEO Patrick Delany also acknowledged Fitzgerald’s achievements and his role in redefining the TV advertising model.
"He has embedded a culture of innovation within the company and built a great team of committed and talented sales executives. I look forward to working more closely with Frainy as he drives continued and enhanced outcomes for MCN, Foxtel and Fox Sports and Network Ten,” Delany said.
Frain said he was thrilled to take on the new challenge.
“I’m proud to be offered this opportunity and have absolute confidence in the MCN team and the strong future we can build together for this business.”
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