A TV veteran is the new CEO at Nine

The Block contestants Chris Susetio and Jenna Susetio. Scott Barbour/Getty Images

Hugh Marks is the new CEO at Nine Entertainment.

He replaces long-term station head David Gyngell.

Marks joined the board of Nine in February 2013 before the network re-listed on the ASX. In his new role, he will be paid a base of $1.4 million plus incentives.

“It’s an absolute honour to have this opportunity – to work with the diverse group of highly skilled and talented people who contribute to our business each and every day,” he says.

“Together, we can work to enhance the company’s existing brands and to build new ones and lead the innovation of our premium content business. We must maintain a core that remains strong and relevant to audiences and advertisers alike, while we invest in new ideas, new platforms and develop new revenues, becoming more local and driving more Australian content.

“I come to the business and this role at a time when new platforms and business models for content are achieving reach and scale. It will be a challenge to find the right path but I believe we have the best team, the assets and ideas to do it.”

He currently owns talent agency RGM Artists, together with ownership and management interests in a number of independent companies producing content for broadcast and pay TV.

As a result of this appointment, he will drop his involvement in the other businesses.

He’s served as an authority member of the Australian Communications and Media Authority (ACMA) for over two years, following his seven years as CEO of Southern Star Group.

Outgoing CEO David Gyngell said: “I have great regard for Hugh Marks. He’s got the experience, he’s got skin in the game, he knows the industry so well and he’s very well regarded. Hugh was an obvious selection as CEO and I believe he’ll do a stellar job. For my part, it’s time.”

Gyngell is staying on as a member of the board of directors.

The Nine Network posted a 2.9% drop in full year profit to $140.09 million as a weak advertising market drags on the bottom line.