PBL Media has appointed Nine Network boss David Gyngell as chief executive following the resignation of current chief executive Ian Law.
Gyngell's appointment puts to rest, for the time being at least, speculation that he would jump ship to Network Ten, where his friend James
Packer recently bought a majority share.
Law said: “The timing of my resignation is geared to both my personal interests and the needs of the company. Firstly, after a very challenging four years PBL Media is now well placed for an orderly transition. The business is in great shape across all its operating units and we believe it will post a record result in 2010/11."
"We have an ideal replacement CEO from within the company. David Gyngell and I have worked very closely over the past three years and he understands all parts of the business. “
“At a personal level, I have a range of interests I wish to pursue. It is my intention after a short break to take on some new challenges, which will probably include non-executive director roles where I believe I can make a contribution."
PBL Media posted an operating profit ofaproximately $410 million for the 2009/10 financial year, leading to reports that its owners, private equity firm CVC Asia Pacific, is gearing up to float the company.
The company's assets include the Nine Network, ACP Magazines, Ticketek, a 50% holding in carsales.com.au, 40% of ninemsn as well as regional television station NBN.
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