Outdoor advertiser oOh!media – owner of wide format printer Cactus Imaging – has named Nova Entertainment Group CEO Cathy O’Connor as its new managing director and CEO, replacing oOh! founder and CEO Brendon Cook, who earlier this year announced his intention to stand down.
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| "I am looking forward to joining the team": new oOh!media CEO Cathy O'Connor |
O’Connor, who will begin her new role from early 2021, brings extensive sales experience from 35 years working for Australian media organisations, including the last 12 years as CEO of Nova Entertainment Group and five years prior to that as managing director of DMG Radio.
“Cathy is recognised as one of the most influential leaders in Australian media today,” the company said in a statement to the ASX. “Her appointment follows a global search for a replacement for founder and CEO, Brendon Cook, who earlier this year announced his intention to stand down from the role after more than 30 years.
“Mr Cook will continue to consult to the company until at least the end of 2021 to provide Ms O‘Connor and the wider business access to his deep industry knowledge, insights and relationships.”
oOh! chairman Tony Faure said the company was delighted to have secured a new CEO of O’Connor’s quality to drive oOh!’s growth and continued success.
“The Board was pleased to be able to attract a high-quality field of candidates, and after significant consideration we felt Cathy was the ideal person to lead oOh! in its next stage of growth,” Faure said. “We would also like to place on record our thanks to Brendon for his continued commitment and professionalism in navigating through the pandemic, and for agreeing to stay on until the end of this year.
“Cathy, who is highly regarded by the industry, brings extensive experience as a leader of successful media organisations, and in her most recent role at NOVA, has created significant value. She brings a range of qualities which we felt were suited to taking the business through its next stage of growth, in particular her proven success in steering a media sales organisation, leading the technology strategy and driving organic growth initiatives, even in the most challenging of environments.
“Cathy has a balanced and engaging leadership style and brings a number of other qualities that we felt were important for the business, including a demonstrated ability to drive efficiencies, develop great teams and build strong networks in both the corporate and agency environments.”
O’Connor said she looked forward to taking on the role as the company was the leader in one of the most exciting sectors of the Australian media industry.
“Despite the challenges of 2020, the Out of Home sector is an exciting place to be in, with strong growth prospects and increasing prominence in a digital future,” she said. “oOh! is a great business with an extensive national reach backed by both leading data smarts and a fantastic team of professionals that are the best in their field. I am looking forward to joining the team and building on oOh!’s success and guiding the Company’s next phase of growth.”
O’Connor’s total fixed remuneration will be $1.3 million, according to the statement, with additional short-term and long-term incentives.
oOh!media last week posted a half year loss of $27 million, with revenue down 33% to $205 million as COVID-19 restrictions across Australia and New Zealand caused an unprecedented decline in Out of Home audiences.
“While revenue and profits predictably declined, our decisive early action to raise additional equity, reduce costs and capital expenditure and manage cash flows has reduced debt by 67 per cent and positioned the company well for the future,” said Cook.
