Impey quits after 10 years

In a move that has surprised the advertising industry, MediaWorks chief executive Brent Impey is resigning at the end of the year.

Mr Impey, who trained in media law, announced yesterday he would step down as chief executive of the TV3 owner in December. He has held the role since 2000.

Mr Impey said he had concluded now was an appropriate time to step back from the day-to-day operations of the business.

"I am pleased that I have been able to develop a very strong management team and I step down from the CEO role knowing that I will be leaving the company in good hands," he said.

Influential advertising director Martin Gillman said he was saddened by the news, which was a blow to MediaWorks and the industry. "He'll be sadly missed, he's a real character and was really good for the industry. He was sensible in his approach and very open.

"Brent's a really significant and important player in the New Zealand media industry and it will be a shame to see him go."

However, he said Mr Impey's decision might be a good move because he would escape immense pressure from MediaWorks owner Ironbridge Capital, which bought the media company in 2007 for $790 million.

At the time of the takeover, Mr Impey was given a $3m "change of control" payment by Ironbridge, an Australian private equity fund. "I'm sure there are people who will say he's been pushed because the performance of the company has been lacklustre, but the reality is that the whole media sector's performance is lacklustre," Mr Gillman said.

Many commentators believed that Ironbridge overpaid for MediaWorks and that profits had been absorbed by the overwhelming burden of debt used to finance the takeover.

MediaWorks board chairman Brent Harman said a decade at the top was impressive.

"Brent has been a passionate broadcaster for most of his career, and his love of the media business has shone through in his time with MediaWorks," he said.

"From his passionate belief in media freedom to recognising the importance of clients, hiring great staff, and being fiercely competitive, Brent has made an enormous contribution."

Mr Harman said the board would not replace Mr Impey - instead the company's television and radio divisions would get their own chief executives.

Current radio chief operating officer Sussan Turner would take the chief executive role for radio, while a search had started to fill the chief executive role for television.

Mr Harman said executives at the two groups would improve reporting to the board.

Mr Impey would remain on a part- time consultancy basis with MediaWorks until early 2011.

MediaWorks owns TV3 and C4 and radio stations including The Edge, George FM, Mai FM and Radio Live.

- © Fairfax NZ News