James Warburton has been appointed managing director and CEO of Seven West Media Limited, succeeding Tim Worner who has tendered his resignation.
Warburton will start as CEO of Seven West Media effective immediately. Warburton will be paid a base rate of $1.35 million a year. He can also earn another 150% of his base a year in short term incentives and another $4.05 million over three years in long term bonuses.
This is the second stint for Warburton with the network, who left his roles as sales boss to join rival network Ten as CEO. Following his time in TV, Warburton went on to have a successful run as CEO of V8 Supercars, where he oversaw the broadcast rights deal between Foxtel and Ten.
Most recently he had headed up outdoor advertising business APN Outdoor. Warburton exited the business following its acquisition by French out of home giant JCDecaux.
“This is an exciting time for Seven as we welcome James back to the company. James has extensive experience in the industry with knowledge across media, advertising, sports administration, marketing and particularly sales. His passion and energy will reinvigorate the team. We look forward to the contribution he will make," Seven West Media chairman Kerry Stokes says.
Warburton has also made several investments as part of his recently launched consultancy, most recently took a stake in outdoor retail business Shopper Media Group.
"I am delighted to be returning to Seven and I am excited about the opportunities that lie ahead to continue to build the business," Warburton says.
"The foundation of the business is a powerful combination of assets underpinned by outstanding content from Seven Studios, News and our partners in AFL, Cricket, horse racing and the Olympic Games.”
Tim Worner exits Seven after 25 years with the business
Worner says he's proud of the team he leaves at Seven, a team that has delivered "leadership in the television sector" for 12 consecutive years.
“I would like to thank Kerry and the Board for the opportunity they provided me, and their ongoing support and counsel. It’s with mixed emotion that I tender my resignation, however Seven – a company I love – is a very different company now from the one I joined 25 years ago," Worner says
"It’s changed faster than ever in these last few years and that’s down to the hard work of the best team in the business. I sincerely thank the team and I wish them absolutely nothing but continued success.”
The former CEO had also been embroiled in a long-term scandal and court case surrounding former executive assistant Amber Harrison.
The Full Year Financial results presentation remains on the 20th of August. The company reaffirms guidance from the May 21st Trading Update.
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