BSkyB Loses Stewart As Chief Finance Officer
BSkyB’s chief financial officer, Martin Stewart, has announced his intention to quit the company just months after losing out to James Murdoch in the race for the chief executive’s position.
Stewart was beaten to the helm of the satellite broadcaster last year by the youngest son of News Corporation chairman, Rupert Murdoch, who ignored fierce shareholder opposition to the appointment (see Murdoch’s Son Lands Top Job At BSkyB).
It is understood that Stewart, who had been at BSkyB for more than five years, was the City’s favoured candidate, along with the satellite broadcaster’s chief operating officer, Richard Freudenstein.
Back in November, Merrill Lynch predicted that Murdoch’s appointment would cause problems, with top management at Sky likely to feel disenfranchised by his youth and position within News Corporation (see BSkyB Coronation Could Cause Disruption).
Commenting on his departure, Stewart said: “I have been privileged to work at Sky in a uniquely fascinating phase of its development. However, after eight years of service to BSkyB, it is now the right time for me to pursue new opportunities.”
Murdoch, chief executive of BSkyB, added: “On behalf of the management and the Board, I wish Martin every success in the future and thank him for his commitment and personal contribution to the success of the business.”
Stewart will remain in his post until August unless a new chief finance officer is appointed before that date, in which case BSkyB said Stewart has agreed to assist in the transition process.
Earlier this year BSkyB announced plans to begin measuring satellite television viewing with an audience panel four times the size of that currently used by BARB. The new panel will be largest of its kind in the UK and will comprise 20,000 households, compared to just over 5,000 for BARB (see BSkyB To Launch UK’s Largest Audience Panel).
BSkyB: 0207 705 3000 www.sky.com
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