Ten's CEO Hamish McLennan is out

Photo: Getty Images

The Ten network’s executive chairman and CEO Hamish McLennan has stepped down from both roles.

He is being replaced by chief financial officer Paul Anderson.

McLennan says the strategic arrangements announced in June, including the proposed investment by Foxtel in TEN, meant his role was “complete”.

David Gordon, appointed chairman effective today, says McLennan will continue to advise and assist the company until the end of the year.

Anderson has been chief financial officer of TEN since March 2011 after holding various senior finance roles at the company since he joined in 2003. He was promoted to chief operating officer in April 2014.

“I’m extremely honoured to be offered this opportunity by the board and I look forward to continuing to work with the very talented team at Ten to build on the improvements we have seen over the past year or so and execute our strategy, which remains unchanged,” he said.

“Ten has ratings and revenue momentum, as demonstrated by the 15% audience growth our primary channel achieved in the first half of the 2015 ratings year and the exceptionally strong revenue growth we have seen in recent months.”

Anderson is being paid $1.25 million a year plus short and long term incentives.

Foxtel is taking a holding of up to 15% in the troubled network for $77 million. The deal is part of a package aimed to raise $154 million. The money will be used to reduce debt.

Ten shares were down 1.43% to $0.207 in early trade today.

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