Mike Sneesby appointed as new CEO of Nine

Mike Sneesby has been appointed the successor to Hugh Marks as new chief executive of Nine.

Mr Sneesby is the CEO of Nine's juggernaut streaming service Stan and will begin his new role from April 1.

READ MORE: Nine records positive half-yearly result

Nine Chairman Peter Costello said Mr Sneesby's extensive experience in growing digital ventures will see him well placed to guide Nine's transformation into a digitally-led business.

"The board and I have every confidence that, under Mike's leadership, Nine will be able to maintain the significant momentum it has built," Mr Costello said.

"Mike is well placed to continue to drive Nine's transformation as a digitally led business which is actively adapting to meet the contemporary media consumption habits of Australians."

READ MORE: Treasurer welcomes deals between Google and publishers

In his comments to shareholders, Mr Costello paid tribute to outgoing CEO Marks, who is credited with transforming Nine from a legacy media business into a forward-facing venture following its merger with Fairfax.

"Through the combined strength that came from the Nine-Fairfax merger, our current market capitalisation has grown to just over $5 billion," Mr Costello said.

"This is a remarkable turn-around and Hugh has my sincere thanks and gratitude for his work. 

"His time as CEO has seen Nine make a number of key strategic decisions, which not only redefined Nine but changed the wider media landscape in Australia."

READ MORE: Google may shut off search function rather than pay for news content

Mr Sneesby said it would be the honour of his lifetime to lead Nine.

"I am honored to be entrusted with this important role, to be the custodian for many of Australia's most important, valuable and iconic media brands," Mr Sneesby said.

"I have worked alongside my colleagues at Nine for many years and I look forwarding to building our future together as we embrace the opportunities presented in the emerging and growing digital future.

"The Nine family is made up of journalists, technicians, producers and so many dedicated to their craft, it will be the honor of a lifetime to lead them."

Mr Marks will finish his term as Chief Executive Officer on March 31 and will remain available to assist with a handover to Mr Sneesby in the following months.

READ MORE: Treasurer hails 'world first' media forms forcing tech giants to pay for news

Who is Mike Sneesby? Nine's new CEO comes with extensive business experience

Mr Sneesby has a decorated career of turning digital ventures into business juggernauts.

He has been the CEO of Stan for almost eight years, growing the local streaming service to become the largest of its kind in Australia with 2.3 million subscribers.

To date Stan is second only to Netflix in the category.

Prior to his appointment at Stan he ran ecommerce group-buying platform Cudo, which was part owned by Microsoft and Nine.

He boasts extensive management experience both in Australia and abroad, having been Vice President of IPTV in Dubai.

Nine is the publisher of this website.