Today the MediaWorks Board has announced that Mark Weldon has resigned from his position as CEO.
The Board has accepted Mark's resignation and respects his decision.
Mark Weldon commented: "I wish to share the news that, last night, I notified the MediaWorks Board of my resignation from my role as CEO.
"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.
"We have made significant progress as a business. Yesterday I shared with staff that in our profit growth, we have hit our Q 1 targets and that, overall, audiences are growing and innovative strategies such as the introduction of Newshub have been well received and are delivering results. Yesterday, we announced a major Joint Venture deal with NBC, the first of its kind outside of the United States.
"However, I have come to a decision that the personal cost is now too high to continue in this role.
"I feel confident that I will be leaving behind a much stronger business than existed when I arrived, and hope the next chapter for MediaWorks will further strengthen the business and ensure New Zealanders continue to enjoy what it has to offer."
MediaWorks Chairman Rod McGeoch said: "The Board is very grateful for Mark's success in driving change through the entire organisation and under his leadership MediaWorks has truly become an integrated company. Mark has agreed to assist the Board on strategic projects and we would like to thank him for his efforts and successes."
"The Board has complete confidence that the company will continue its momentum and growth. I would like to take this opportunity to thank everyone at MediaWorks for their dedication and support of the company. I also want to assure the company and its stakeholders that the strategy initiated by Mark will continue."
The company will immediately start a search for a CEO. In the interim, MediaWorks' CFO, David Chalmers will act as CEO.