MUMBAI: Hugh Marks has resigned as CEO of leading Australian media conglomerate Nine Entertainment. His departure was announced on Monday.

The 54-year-old will "actively continue" in his role as group CEO till his exit sometime during the second half of the current fiscal, i.e. June 2021. Meanwhile, the board has already begun looking for a replacement for Marks.

“When I was appointed CEO five years ago, my brief was to lead the transformation of what was then a television business to a digitally-based media company. We have achieved so much in that time frame. Bringing together three legacy media businesses, each with their own structural challenges, and investing in the assets that will ensure our position at the forefront of Australia’s media future,” Marks said in a statement.

During his time at the company, Nine acquired Fairfax Media, a newspaper and TV group that owned the other half of streaming platform Stan not owned by Nine. The company also acquired Macquarie Media. These are now known as Nine Publishing and Nine Radio.

For the 12-month period to end-June 2020, Nine reported losses of $419 million on revenue of $1.60 billion. Profits for continuing businesses were $117 million, a drop of 19 per cent.

Marks added, “Nine’s suite of assets today – with Stan, 9Now and Domain complementing our core broadcasting and publishing businesses – is second to none in Australia. With almost 50 per cent of our earnings sourced from our digital assets providing a clear growth profile for the company. I am confident this is an opportune time to announce my retirement."