The leadership team at Nine Entertainment Co Holdings Ltd (ASX: NEC) fell apart last year.
Former chairman Peter Costello threw in the towel soon after facing accusations of assaulting a journalist at Canberra Airport.
Costello, who was also once Treasurer of the Commonwealth of Australia, resigned from the media company in June last year, as questions continued to linger about Nine's direction and leadership team.
The company's share price started its descent in March last year when it was trading at around $1.70. By November, it had shed about a third of its value before landing at around $1.10 per share.
A couple of months earlier, in September, the media company announced Mike Sneesby would step down as Chief Executive Officer and Director Of the Board, taking effect from 30 September 2024.
The company also announced that Matt Stanton, then Chief Finance and Strategy Officer, would become acting Chief Executive Officer.
Nine's share price has recovered under Stanton's leadership, with shares trading at $1.595 at market close on Friday.
Few would have been surprised when Nine confirmed Stanton's appointment as Chief Executive Officer and Managing Director this week.
Can the new CEO lead a turnaround?
To some extent, Stanton has already delivered positive results for shareholders, with the company's share price trending upwards since his appointment.
Still, there is certainly room for improvement.
In its latest half-year results, Nine reported a net profit after tax of $112.2 million for H1 FY25, down 25% on the prior corresponding period.
And Nine's Board clearly has faith in Stanton's ability to improve those figures.
Nine Chair Catherine West said, "Matt was clearly the best credentialled leader to maintain the momentum on our strategic and cultural transformation. He has done an outstanding job as Acting CEO."
Nine stated that during his time as Acting CEO, Stanton had "reset Nine's operating model, refreshed the Executive Team and accelerated the strategic and cultural organisation-wide reform programs underway at Nine".
Stanton joined the media company as Chief Strategy Officer in 2022.
Previously, Stanton was CEO of Barambah Organics, Chief Transformation Officer at Woolworths Group Ltd (ASX: WOW), and CEO of Bauer Media, now Are Media.
Stanton said, "We have moved at pace in recent months to strengthen the Group, and I've been buoyed by the buy-in from people across the company as we progress our ambitious plans to reset and grow the business. I am committed to continuing to reform and strengthen Nine in the interests of all shareholders and our people."
For his efforts, Stanton will receive a salary of $1.6 million per year, including superannuation.
Stanton's package also includes incentive plans potentially worth more than $2 million.
