Nine has poached Greg Barnes from CSR as its new CFO

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Greg Barnes, the CFO at building products group CSR Limited, is moving to Nine Entertainment.

He’s switching from a company whose profits have been swollen by a booming housing industry to a business trying to reinvent itself in a weakening advertising market.

His new role completes a trio of senior appointments at the free-to-air television network. The other two are CEO Hugh Marks and chairman Peter Costello, Australia’s longest serving federal treasurer.

Nine this week announced an 11% fall in quarterly television revenue, partly due to cricket broadcasts, a staple of the network, being hit by wet weather.

The company is rapidly trying to build new digital platforms and new businesses to replace traditional revenue streams.

In its latest half year results, Nine posted a 6.1% fall in profit to $78.4 million on a 5% drop in revenue to $690.3 million.

Announcing the appointment, Marks said: “As we move to take advantage of opportunities that lie ahead in the media sector, his (Barnes) broad sectoral experience will prove a valuable addition to the senior management team.”

He has broad market experience across building materials, mining services, technology and software, as well as extensive international experience.

Greg Barnes said: “I’m thrilled to be joining NEC and to working with Hugh and the team. NEC has a great history, strong market positions and is well placed to play a leading role in a pivotal time for the industry.”

Barnes has been at CSR since 2009. Before that he was VP Finance at Dyno Nobel Asia Pacific.

He starts at Nine on July 4.

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