Ciaran Davis, the chief executive officer of ARN Media, has announced his resignation after 16 years at the helm. ARN Media is a radio company that owns the KIIS and Pure Gold networks. Davis informed investors on Thursday that, after the company initiated a search for his replacement last year, it was the opportune moment for him to step down.
Davis will officially leave his position in January, handing over leadership to Michael Stephenson. Stephenson, formerly the chief sales officer at Nine Entertainment, joined ARN last year as chief operating officer. During his tenure, Davis spearheaded the launch of the iHeartRadio app, the sale of Adshel, and the divestment of the company’s stake in Soprano Design. A notable achievement was managing the defection of prominent Sydney radio hosts Kyle Sandilands and Jackie Henderson from rival 2DayFM in 2014.
However, Davis’s time as CEO concluded with a series of unsuccessful or underperforming ventures. He attempted to involve private equity in a merger between ARN and its primary competitor, Southern Cross Austereo, aiming to redistribute their assets into two new media companies. This effort failed after Anchorage Capital Partners withdrew from the process. He also oversaw a new $200 million, 10-year contract for the Kyle and Jackie O Show, which subsequently launched in Melbourne. This rollout has been largely unsuccessful, plagued by low ratings and advertiser boycotts.
Davis expressed pride in his tenure, stating, “With a clear transformation strategy in place and an excellent successor in Michael, I believe now is the right time to step aside,” in a statement.
