Hamish McLennan, Ten’s fourth chief executive in three years, has resigned after two years in the top job during which he had some success stabilising the third-ranked commercial network’s ratings.
McLennan was elevated to executive chairman after Lachlan Murdoch resigned the chairmanship last year to run the Murdoch empire News Corp.
Paul Anderson, the network’s chief financial officer since 2011, has been appointed chief executive and takes over immediately, making him the fifth CEO to run the troubled network in five years. Long-serving Ten board director David Gordon has been appointed chairman.
The changes at the top follow the sale of 15% of the struggling network to Foxtel and the takeover by the pay TV platform’s advertising arm, the Multi Channel Network (MCN), of Ten’s advertising department. Under the deal advertisers will buy airtime across Foxtel and Ten as a single transaction.
McLennan said: “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.”
Gordon said McLennan will remain with the network as a consultant until the end of the year. “The board thanks Hamish for his contribution during what has been a challenging period in Ten’s history,” he said. “He has led a strong and talented management team to effect a turnaround in the company’s performance.
Anderson’s salary package will rise from $1.25m to $1.65m plus bonuses, Ten said in a statement.
A reinvigoration of MasterChef Australia and the introduction of new shows including I’m A Celebrity Get Me Out Of Here! and Family Feud with Grant Denyer have improved Ten’s ratings.
MasterChef is not the juggernaut it once was however. Sunday night’s grand finale part one attracted 1.38 million viewers, finishing behind an episode of Nine’s The Voice in top spot with 1.47m.
