MediaWorks chief executive Cam Wallace has stepped down after two years in the job to take up a new undisclosed role mid-year.

Wendy Palmer would step in as interim chief executive during a search for a permanent successor, a note from MediaWorks chairman Wayne Stevenson said to staff on Monday morning.

Stevenson said Wallace would leave “in the coming weeks”.

He thanked Wallace for his contribution and for “supporting the business’s efforts to drive cultural change”.

The announcement followed a proposal to axe up to 90 jobs at the broadcaster and out-of-home advertiser earlier this year.

“As with many businesses in New Zealand, we are not immune to the impacts of the current economic factors [including] a likely recession this year, which will see a dampening demand from advertisers across the board,” an email from Wallace to staff said in January.

Wallace stepped down from his role as former Air New Zealand chief revenue officer in late 2020 to take the role at MediaWorks.

Sky Television was considering acquiring MediaWorks to absorb its radio brands Today FM, The Edge, More FM, The Breeze and The Rock, but abandoned the idea last year.

Wallace was set to receive a lucrative pay out for such a sale, the NZ Herald reported.

Accounts filed with the Companies Office show Wallace entered into a long-term incentive scheme in October 2021 entitling him to 1.5 per cent of any sale price excess above $175 million and the ability to buy 1.5 per cent of shares in the company for $300,000 - worth $2.2m.

More to come.