Weldon resigns from MediaWorks: 'personal cost too high'

Wednesday 4th May 2016

MediaWorks' controversial chief executive Mark Weldon has resigned, just two days after his chairman, Rod McGeoch, backed him.

Citing the "personal cost" as "too high", Weldon leaves a position he took up in August 2014 to oversee a recovery operation at the television and radio broadcaster.

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since.

“I have had the full support of my Board for the strategy that we have executed at every point.

“However, I have come to a decision that the personal cost is now too high to continue in this role," said Weldon, who cut a similarly contentious path as chief executive at the stock market operator, NZX, for a decade until 2012.

The resignation follows a string of high profile staff departures and public relations disasters, including the breach of a central bank lock-up by TV3 Newshub reporters.

BusinessDesk.co.nz

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