Credit: Dustin Tramel via Unsplash.
Jeff Howard has stepped down as CEO of Southern Cross Media Group, the combined Seven West and SCA business.
The departure of the former chief executive of Seven West is “effective immediately,” the company told the ASX. There is no word on his next move.
The announcement comes on the eve of the release of the group's December half results.
The newly merged entity, which debuted on the ASX last month, controls 104 radio stations spanning the Hit Network and Triple M brands, the Seven Network television operation with national coverage, multiple publishing assets including The West Australian and The Sunday Times, and digital platforms including 7plus and LiSTNR.
Heith Mackay-Cruise, who on Friday took over as chair of SCA from billionaire Kerry Stokes, is assuming the role of interim executive chairman. His salary will be $850,000 a year.
“As the company accelerates the delivery of its strategy, SCA’s newly constituted board has determined it is the appropriate time to appoint new leadership to take the group forward and execute on our plans,” said Mackay-Cruise.
“On behalf of the board, I would like to thank Jeff for his efforts across the period of transition, with the successful implementation of the Scheme of Arrangement and creation of a market-leading, multi-platform media company now complete.
John Kelly, who ran SCA before the merger, will assume the role of interim CEO, running both TV and audio.
Toby Potter has been appointed chief transformation officer – TV and Audio, following a period serving as interim CFO.
Scott Butterworth will succeed Craig Haskins, who as previously announced he will be retiring after a short period of transition, with his final day being this Friday.
“The board is confident in our team’s capability to apply the financial discipline and industry leading expertise to drive scale and performance for Southern Cross Media Group going forward,” Mackay-Cruise said.
Seven West Media final results as a separate company showed revenue worse than expected, down 2.1% to $712 million for the six months to December in a "challenging and volatile" TV advertising market.
Guidance given at the company’s AGM was for revenue to slip 1%.
The shortfall was attributed to a weaker than expected advertising market in November and December and the impact of shortened Perth and Melbourne Ashes Test match broadcasts.
Seven’s total TV advertising revenue, including the acquired Southern Cross regional TV markets, was $585 million, down 0.8%.
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