Southern Cross Media hire new CFO

Southern Cross Media Group has appointed Nick McKechnie as its Chief Financial Officer, following the surprise resignation of Peter Lewis.

Lewis resigned on July 17, just one month after taking up the position. At the time, The Australian reported the shock departure was due to a disagreement about a proposed writedown on its TV and radio licences and proposal to sell some of its regional radio assets to raise capital. Southern Cross Media Group denied the report. Yesterday, the Australian Financial Review reported Lewis’ departure was due to tension between the board and Chief Executive Rhys Holleran.

Nick McKechnie comes to the role from his position as CFO at ConnectEast, a private company dedicated to the finance, design, construction and operation of Melbourne’s EastLink tollway. Prior to his more than seven year tenure with ConnectEast, McKechnie worked his way up the ladder at Virgin Media in London, where he held the title of Head of Finance, Consumer Division from 2005-2006.

According to The Australian, shareholders sent the media group’s share price down 5.11% following Lewis’ departure to end at $1.12. The company’s largest shareholder is investment bank Macquarie Group, which has a 26.6% stake.

McKechnie will step into the role from September 8.

Southern Cross Austereo Sydney has made three new appointments in its sales team. Belinda Dawes is now Sydney Sales Manager after 10 years at News Limited where she was most recently NSW Area Manager; Justin Negrini has been appointed Senior National Account Manager, he joins from 2GB Radio; Nicki Bedford is National Account Manager, her background includes roles at Network Seven (Seven Affiliate Sales), Fairfax and Brand Events Australia.