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Sky TV CEO Martin Stewart has been in office for just 21 months.
Sky Television CEO Martin Stewart has resigned less than two years in office and plans to return to Europe, the pay TV firm said in a surprise announcement.
The company said in a statement to the NZX that the company’s chief commercial officer, Sophie Moloney, had been appointed chief executive officer “with immediate effect.”
“Martin will be available to assist Sky as needed over the next three months to ensure an orderly transfer and transition,” the statement said.
Sky Chairman Philip Bowman said the board respected Stewart’s decision to leave and was “pleased that we were able to mutually agree that he would.”
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“Since joining Sky in February 2019, Martin has led a successful change and the board recognizes his important contribution,” he said.
“Despite an exceptionally challenging year in 2020, the business is well positioned to achieve its strategic priorities of strengthening our core satellite business, growing transmission services, providing broadband services, and securing rights to deliver the best of sport. and entertainment to our customers. “
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Sophie Moloney has been named CEO with “immediate effect.”
Stewart said in the statement that the likelihood of the border restrictions continuing had contributed to his decision to return to Europe.
“I am proud of what we have accomplished together in the last 21 months,” he said. “I warmly thank the Sky team for their support.”
Moloney is Sky’s first CEO.
Bowman said Moloney’s recent accomplishments included leading the team that secured the rights to New Zealand Rugby and SANZAAR rugby for Sky, negotiating a new Optus satellite deal and “spearheading Sky’s purchase of the Lightbox entertainment streaming service.”
The British-born Stewart replaced Sky’s former CEO John Fellet at a time when Sky was still reeling from the Commerce Commission’s refusal to approve its proposed takeover by Britain’s Vodafone.
The company’s share price continued to fall after his appointment, but he has taken several steps to chart a different course for the company.
These include announcing a move for Sky into the broadband market while at the same time forging a nascent partnership with Spark, its streaming sports rival, and considering giving Sky Satellite customers more flexibility in their channel options.
His business achievements included overseeing a crucial capital raise of $ 157 million in May.
Sky suffered a setback on Monday when the Commerce Commission raised significant competition concerns with Sky’s plan to sell and outsource its OSB external transmission business to US company NEP New Zealand.
