Southern Cross Media Group Limited (ASX:SXL)
says it is moving into a new phase and replacing its CEO.
Rhys Holleran has held the top job at Southern Cross Austereo for six years and will step down at the end of July.
Peter Bush will step in as Executive Chairman until a replacement is found.
Mr Bush thanked Mr Holleran for his 18 years service to the company and said that the current ever-changing and challenging media sector required a long term leadership commitment therefore it was time for a change.
Mr Holleran will assist in the transition for the next few weeks.
Southern Cross Media reported a net profit of $34.7 million for the first six months of the 2015 financial year.