The Nine Entertainment Co Holdings Ltd (ASX: NEC) share price has burst out of the blocks in early trade. Shares in the Aussie entertainment group jumped 2% higher at the open after announcing an executive reshuffle to the market.
Why is the Nine Entertainment share price climbing?
There have been no new ASX announcements from the company on Monday morning. However, an article in The Age on Sunday night suggests a leadership reshuffle could be afoot.
The Age reported that Nine Entertainment CEO Mike Sneesby will reshuffle his senior management after the resignation of Chris Janz. Mr Janz is Nine’s chief publishing and digital officer who will reportedly step down after more than two years in his current role. That news has caused a flurry of trading activity this morning and helped push the Nine Entertainment share price higher.
James Chessell is set to become managing director of publishing for the entertainment group, stepping up from his current position as executive editor of the The Sydney Morning Herald and The Age. The national editor of The Herald and The Age, Tory Maguire, will fill Mr Chessell’s current role. Former chief digital officer at Nine, Alex Parsons, will return to that role as part of the reshuffle.
The news has helped propel the Nine Entertainment share price higher in early trade. Shares in the entertainment group jumped 2% higher to start the day and reached as high as $2.64 per share.
Shares in the $4.4 billion media giant have climbed more than 10% year to date, but remain well shy of the $3.16 per share 52-week high set in early March.
Despite racing higher at the open, the Nine Entertainment share price has pared back some of those gains at the time of writing.
Foolish takeaway
The Nine Entertainment share price jumped higher at the open as the S&P/ASX 200 Index (ASX: XJO) also started the week on the right foot. Shares in the media giant remain up more than 1% at the time of writing at $2.60 a share, as news of an executive reshuffle looks to have investors buying in.
The post Why the Nine Entertainment (ASX:NEC) share price is climbing on Monday appeared first on The Motley Fool Australia.
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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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