’Time for change’: Worner leaves Seven after 25 years
TIM Worner’s six years as Seven West Media chief executive have come to an abrupt end, with chairman Kerry Stokes saying “now is the time for change”.
James Warburton, who had a short-lived spell as chief executive of the Ten Network and quit as APN Outdoor boss last year, has replaced Mr Worner as CEO and managing director with immediate effect.
“All parties agree now is the time for change,” Mr Stokes said in a statement yesterday.
“We are fortunate that James was available to commence immediately.”
Mr Warburton had been chief digital and sales officer at Seven Media Group before becoming Ten CEO in 2012.
Mr Stokes had offered him the same role at Seven to prevent his defection but, after a legal hold up, he switched loyalties only to have his contract terminated 13 months later with his new network haemorrhaging viewers and money. Mr Warburton went on to become CEO of V8 Supercars before a stint at APN Outdoor.
“James has extensive experience in the industry with knowledge across media, advertising, sports administration, marketing and particularly sales,” Mr Stokes said. “His passion and energy will reinvigorate the team.”
Mr Worner had been with Seven for 25 years and led Seven West Media for six, a period that included a legal battle that followed the 2016 revelation of a two-year affair with a junior employee.
He helped engineer last year’s high-profile grab of cricket from the Nine network.
“It’s with mixed emotion that I tender my resignation, however Seven – a company I love – is a very different company now from the one I joined 25 years ago,” he said.
Mr Warburton will receive a basic $1.35 million salary, considerably less than the $2.44 million in fixed remuneration paid to Mr Worner. But he will be able to earn short-term bonuses of up to $2 million plus additional long-term bonuses.