There has been another shake-up at Seven West Media, with chief financial officer Dave Boorman tendering his resignation, which was "reluctantly accepted" by the media company.
In a note to employees today, Seven West CEO Tim Worner told staff Boorman had been instrumental in a round of cost-cutting at the company as it seeks to make up shortfalls in advertising revenue.
“Dave has achieved much in the time he has been with us, executing changes in procurement and the company’s debt structure, as well as assessing our new business strategic options and driving the cost program across our operating businesses,” Worner said.
Both Worner and Seven West chairman Kerry Stokes said in a statement they were sorry to see him go.
A search for a replacement is underway, with Boorman's depty, Warwick Lynch, sitting in the chair until a new replacement is found.
Shares in the media company dipped immediately following the announcement, down 1.8% at the time of writing.
The exit comes amid a board shake-up at Seven West, announced in December.
Former chief operating officer Nick Chan left the company after just 14 months in the role after the changes were announced, however he had been with the company for about 10 years.
As part of a new management structure, Worner has retained direct management of Seven West's television business and a new director of television will be appointed to report to Worner.
Meanwhile, Peter Zavecz has been appointed as CEO of Pacific Magazines, while the responsibility for the online delivery of content will sit with Clive Dickens, who was recently appointed chief digital officer, from Austereo. He joins this month.
While Chan had a decade under his belt at Seven West, Boorman had only been with Seven West since June in 2013, having jumped from Vodafone to take up the role.
Seven West Media declined to comment further on the departure.
For more news:
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at firstname.lastname@example.org
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at email@example.com