The challenges for Nine began in May when Wick left the company amid serious allegations, leading to a $1 million severance package.

Matt Stanton, the chief financial and strategy officer, will step in as interim CEO while the company searches for a permanent replacement.

An external review of Nine's workplace culture is underway, with findings expected by the end of October, following a tumultuous period marked by staff protests.

During Sneesby's tenure, Nine's share price has plummeted over 55%, and the company reported a 31% drop in annual net profit.

The timing of Sneesby's announcement coincides with the conclusion of the Olympic and Paralympic Games, which Nine had successfully broadcast.

Mike Sneesby has announced his resignation as CEO of Nine Entertainment, effective at the end of September, after serving for three and a half years.

His departure comes amid significant financial challenges for the company, which has also faced industrial action from journalists affecting its coverage of the recent Paris Games.

Sneesby's resignation follows months of turmoil, including a staff no-confidence motion against him and the board, exacerbated by allegations of inappropriate behavior against former news director Darren Wick.

Catherine West, Nine's new chair, acknowledged Sneesby's contributions, particularly in navigating the pandemic and securing Olympic broadcast rights until 2032.

The incoming CEO will face numerous challenges, including advertising headwinds and changes to privacy laws that are reshaping the Australian media landscape.

Despite staff discontent, Nine's management had offered an improved pay deal, which was accepted after a strike, indicating ongoing tensions within the workforce.

Following significant backlash for his comments about striking journalists, Sneesby will also relinquish his board seat.