Australia's Nine Entertainment falls, CEO Sneesby to step down

Nine Entertainment Holdings

12/09/2024 02:09

** Shares of Nine Entertainment  NEC.AX  fall as much as 
4.4% to A$1.190, hitting their lowest since late April 2020 
    ** Media co says Chief Executive Officer Mike Sneesby will
step down with effect from Sept 30 
    ** Says Chief Finance and Strategy Officer Matt Stanton has
been appointed as acting chief executive
    ** "The group needs to embark on a cost out to maintain
profit in FY25 – additional CEO responsibilities might distract
him from executing on the cost-out front" - Darren Leung, senior
research analyst at Macquarie Securities (Australia)
    ** Shares set for worst day since Sept 4 - if current trend
holds  
    ** Including Thursday's moves, stock down ~40.7% this year

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))