Jeff Howard exits newly merged Southern Cross Media Group as new chair takes the reins
Southern Cross Media Group, which merged with Seven West Media (SWM) in January, has removed CEO and MD Jeff Howard days after chairman Kerry Stokes retired from the board.
The shock executive announcement, made at the close of trading, also comes on the eve of the company’s latest set of financial results, scheduled for tomorrow.
In a statement Southern Cross said the leadership changes would “accelerate implementation of its strategy following the completion of its recent merger.”
When the merger was finalised at the start of the year it was said that SWM chief Howard would lead the new venture as MD and CEO.
However, he will now be replaced effective immediately by newly installed chairman Heith Mackay-Cruise.
On Friday, Stokes retired from the board as part of the succession planning with Mackay-Cruise assuming the role of chairman at that time. Under the reshuffle Mackay-Cruise will now assume the role of interim executive chairman with all business unit leaders and corporate services reporting to him.
The company said an executive search firm has been tasked to undertake a global search for its next CEO. It also announced the appointment of Scott Butterworth as new chief financial officer, succeeding Craig Haskins, who had previously announced his retirement.
In other management changes, John Kelly will assume the role of interim CEO for the TV and audio division. Toby Potter will assume the role of chief transformation officer for TV and audio. A Southern Cross stalwart, he has served in various roles including head of commercial finance and head of business transformation.
“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.
He added the board was confident in the team’s “capability to apply the financial discipline and industry leading expertise to drive scale and performance for Southern Cross Media Group going forward.”
On Friday, departing Stokes said: “For more than 30 years I’ve been involved at a direct level with the Seven Network. I’ve worked with some of the industry’s most gifted and talented people delivering innovative sport, news and entertainment content to Australian audiences. The newly merged organisation is an important part of the fabric of the Australian way of life and our people will continue to deliver the best quality outcomes to our customers and our communities.”
The Stokes family remains a significant shareholder and Stokes’ son Ryan continues to represent the family’s interests on the board. “It gives me confidence that the talented staff will continue to support the Seven Network. I am confident that under Heith’s chairmanship he will continue to grow the Australian media businesses on all of the platforms that we now own.”
Stokes served as chairman of Seven West Media for over 14 years in addition to being chair of the Seven Network and Seven Media Group, overseeing the Seven Television Network and other related online and publishing media assets in the capacity of chairman since 1995.
