The MediaWorks board has announced the resignation of Mark Weldon from his position as chief executive.
“I wish to share the news that, last night, I notified the MediaWorks Board of my resignation from my role as CEO," Weldon is quoted as saying in an official statement. “When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since."
It is not unusual for a chief executive to come into a position and execute a significant change policy before exiting. Former NZME chief executive Jane Hastings was cast in a similar role,and similarly changed the structure of that business.
However, Weldon's tenure has been wrought with controversy on account of canning of Campbell Live and 3D, the launch entertainment brand Scout and the difficulty in terms of holding onto long-standing talent.
Weldon said that he had the full support of the board at every point, and that the company had met its financial targets.
"Yesterday, I shared with staff that in our profit growth, we have hit our Q1 targets and that, overall, audiences are growing and innovative strategies such as the introduction of Newshub have been well received and are delivering results."
But the constant media scrutiny and criticism and has taken its toll on Weldon.
"I have come to a decision that the personal cost is now too high to continue in this role," he said.
The MediaWorks release says that current chief financial officer David Chalmers will move into the role of acting chief executive, while MediaWorks searches for a replacement.