hamishmclennanNetwork Ten has announced that Hamish McLennan (pictured), who has filled both CEO and Chairman roles for the company, will be stepping down from the network effective immediately.

He joined Ten as Chief Executive Officer in February 2013 and was elected by the board to add the role of Executive Chairman in March 2014, following the departure of Lachlan Murdoch.

Ten has appointed Paul Anderson, the company’s Chief Financial Officer, to the CEO role and Non-Executive Director David Gordon to the role of Chairman.

In a statement issued today, McLennan said that following recent strategic announcements regarding Foxtel‘s investment in Ten and partnership with sales group MCN, he regarded his role as “complete”:

“The strategic arrangements announced on June 15, including the proposed investment by Foxtel in Ten and the transformative agreement with MCN, mean that my role is complete.

“An independent Chairman is needed to lead the Board through the next phase of the Company’s development. David Gordon has been an exceptional Director and his contribution has always been of the highest standard. He will represent all shareholders very well.”

Incoming chairman Gordon has been in various senior and executive roles at Ten since joining the company in 2003. He has said that McLennan will continue to work with the new management in ensuring a “seamless transition”:

“The Board thanks Hamish for his contribution during what has been a
challenging period in Ten’s history. He has led a strong and talented management team to effect a turnaround in the Company’s performance.

“Hamish will work with myself and Paul Anderson on a seamless transition and he will continue to advise and assist the company until the end of the year.

“Ten is in an important and exciting phase, as we continue to build our revenue on the back of strong audience growth since mid-2014 and transition our sales activities to Multi Channel Network (‘MCN’); and maintain our clear focus on growth and efficiencies.”

Source: Ten Network Holdings

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