David Gyngell has stepped down as chief executive of Channel Nine after eight years at the helm, with former production company boss Hugh Marks set to take over. Gyngell will remain on the board as a non-executive director.
Gyngell, the son of legendary television executive Bruce Gyngell, stabilised the network after a period of management upheaval, improved ratings, saved the company from bankruptcy and sold its magazine arm to Bauer Media. He also oversaw the public float of Nine, leading to a salary boost that made him the highest-paid media executive in Australia.
Marks, a former chief executive of Southern Star, has been on Nine’s board since February 2013. Gyngell praised Marks, saying he has the experience and knowledge of the industry to do a stellar job.
Gyngell’s tenure included a number of notable moments, including a famous brawl with James Packer, who was his best man, and the birth of his child hours after he left negotiations to save the company from receivership. He twice ran Nine, quitting in 2005 over interference from Kerry Packer before returning in 2007.
In a statement, Gyngell said: “I love the culture and achievement of this company and I love its people. That won’t change. I will remain on the board, and I’ll be happy to offer a little advice or support when it’s sought.” He also thanked staff for their commitment.
Gyngell succeeded after a turbulent period that saw three CEOs in quick succession, including Eddie McGuire and Jeff Browne, who were involved in controversies over sackings and pay cuts.
