UPDATED 7.32PM: MediaWorks CEO Mark Weldon has quit the under-fire media organisation.
In a statement, Mark Weldon said: "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.”
LISTEN ABOVE: 'It's a very good morning' - former TV3 journalist Paula Penfold speaks to Leighton Smith
LISTEN: Media commentator Janet Wilson on Weldon's resignation
Mr Weldon has seen a tumultuous 20 months in the job, overseeing the demise of several major news programmes including Campbell Live.
His time in charge also saw the departure of a raft of senior news staff, the latest being the resignation of popular newsreader Hilary Barry.
LISTEN: Former TV3 reporter Sarah Hall speaks to Chris Lynch in explosive interview
Some of those former staff have been quick to comment on Weldon's departure:
Goodbye Weldon. Don't trip on the ruins you created as you leave.
— Carolyn Robinson (@MsCaroRob) May 3, 2016
It's definitely a karma day
— Pip Keane (@pipkeane) May 3, 2016
Goodbye Mark Weldon. It's been.. real.
— Paula Penfold (@paulapenfold) May 3, 2016
did a little yell of joy in montreal. a lady said, "what
Save and publishhappened" & i said, "mark weldon resigned". she said "who" & i said "some asshole"
— David Farrier (@davidfarrier) May 3, 2016
Ironic. https://t.co/eHTbnUt7BY
— Hamish McKay (@HamishMcKay) May 3, 2016
I feel such relief for all my colleagues left at TV3!!!! GOODBYE.
— Sarah Hall (@SarahHallNZ) May 3, 2016
Can we all go back now?
— Anna Burns-Francis (@annabf) May 3, 2016
Hey, does anyone know when farewell drinks will be for Mark Weldon so former staff can wish him well? #mediaworks
— Whena Owen (@WhenaOwen) May 3, 2016
Former TVNZ news boss Bill Ralston said Mark Weldon has made some significant improvements to MediaWorks during his 20 months in charge.
He told Rachel Smalley Mr Weldon was a good businessman who ran an impressive operation under a lot of pressure.
Mr Ralston said former TV3 news boss Mark Jennings credited Mr Weldon with making a major investment in new technology and new programming.
"He said the amount of money the several million dollars they spent on setting up Newshub the previous management would never have allowed."
Zenith Optimedia New Zealand managing director Stuart Rutherford said Mr Weldon has significantly improved the company's performance.
But he told Rachel Smalley advertisers will continue doing what they're doing as long as the audiences continues to be there.
"Largely, advertisers will remain relatively untroubled. We're more interested in audiences than personalities."
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