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The chief executive of the newly merged company that owns the Seven Network and radio stations including Triple M has exited on the same day its new chair, Heath Mackay-Cruise, started in the role.
Southern Cross Media announced on Monday evening, less than 18 hours before its financial results come out, that its current chief executive and former Seven West boss Jeff Howard would be departing effective immediately.
A statement posted to the ASX after the market’s closure said John Kelly, who was Southern Cross chief executive prior to the deal’s completion, will step in as interim head of the company’s TV and audio divisions and front its earnings call tomorrow.
Kelly had been selected after the merger to run the audio division of the company, which includes Triple M, the Hit Network and digital audio platform LiSTNR. He has now been asked to run the whole company on a permanent basis, said one source familiar with the matter, who spoke on condition of anonymity. He is considering the offer, the source said.
Heath Mackay-Cruise assumed the role of chair on Friday evening after Kerry Stokes, the long-time controlling shareholder of Seven West Media, stepped down as interim chair. The Stokes family’s shareholding in Southern Cross after the merger the deal was diluted to 20 per cent, via its majority-owned Seven Group Holdings.
Mackay-Cruise will also now assume the position of executive chair, with the company’s top leaders reporting to him, while Southern Cross appoints a CEO on a permanent basis.
More to come.
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Calum Jaspan is a media writer for The Sydney Morning Herald and The Age, based in Melbourne. Reach him securely on Signal @calumjaspan.10Connect via X or email.From our partners
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