James Warburton replaces Tim Worner as chief of Seven
16 August 2019, Written by Paris Faint
Tim Worner (pictured), CEO of Seven West Media (ASX: SWM), has today resigned from the company.
Worner leaves with immediate effect to be replaced by former CEO of Network Ten, APN Outdoor and Supercars James Warburton.
Warburton previously worked for Seven as a chief digital and sales officer before leaving the company become Ten's CEO.
He was later fired by the board of Ten in 2013, after the company experienced record low ratings.
Warburton went on to secure the top role at Supercars and later APN, before the company was acquired by JCDecaux last year.
Commenting on the transition, Seven chairman Kerry Stokes says "now is the time for change."
"Our industry is more dynamic today than ever, experiencing rapidly evolving market conditions which continue to present us with challenges and opportunities."
"In reviewing the requirements for the company, the Board has been considering the right mix of skills and experience required to take advantage of opportunities and accelerate into its next phase of growth."
Worner first joined Seven 25 years ago and has been its chief for the past six.
In 2016, Worner was embroiled in a legal clash after allegations surfaced of an affair with Amber Harrison, a former employee at Seven.
At the time, an independent review looked into drug use allegations and Harrison receiving a bonus, questioning her and Worner's corporate credit card expenses and personal relationship, and claims of other inappropriate relationships between Worner and other staff members.
The board concluded the claims couldn't be substantiated.
Almost a year later in 2017, Seven slashed Worner's pay packet by $450,000 and reduced his bonuses to zero after the company experienced a massive full year loss.
During that financial year the company reported a $744.3 million loss impacted by almost $1 billion in writedowns and one-off costs.
The outgoing chief says his resignation is tendered "with mixed emotion."
"Seven a company that I love is a very different company now from the one I joined 25 years ago," says Worner.
"It's changed faster than ever in these last few years and that's down to the hard work of the best team in the business."
Author: Paris Faint