Her departure, effective immediately, comes just16 days before publicly listed Sky announces its half-year results.
Media Insider has been told the respected CFO’s departure has come as an “utter shock” internally, and some people were in tears when they learned of the news.
McGuigan joined Sky last March, amid high praise from chief executive Sophie Moloney.
She described her as an accomplished CFO and people leader “with extensive and highly relevant experience in media, telecommunications and retail”.
Sky poached McGuiganfrom TVNZ, where she had been CFO for four years. She was previously CFO at Mediaworks and also held a number of finance leadership roles at Vodafone.
Sky has not given a reason for her resignation. Media Insider has been refused a request to speak to McGuigan and Moloney directly.
In an announcement today to the NZX, Moloney said: “Given the time of year with half-year results due to be reported on 21st February, we have agreed that Ciara will step out of her role immediately and support the transition to Andrew Hirst who joins Sky from 5 February 2025 as interim CFO.”
She thanked McGuigan for her work over the past 10 months.
“These include her emphasis on commercial outcomes across key strategic deals, improving Sky’s annual planning processes and enhancing financial reporting to support insights that drove management action. In addition, Ciara strengthened the finance leadership team, demonstrating the value a high-performing and diverse finance team can deliver. We wish Ciara well with her future plans.”
Those future plans have not been announced.
In a public relations statement issued to Media Insider through Sky’s head of corporate communications, McGuigan said: “I have enjoyed being part of the Sky crew and have decided that now is the right time to move on. I am incredibly proud of the team and what we have achieved, and I would like to acknowledge their mahi in what has been a challenging time for the whole industry. For now, it’s time to rest up for a bit, and then look forward to what comes next. I wish everyone at Sky all the very best.”
Moloney said the company was pleased to be welcoming back Hirst, a Deloitte partner, as interim CFO.
“It is excellent to have someone with Andrew’s experience, expertise and longstanding relationship with Sky to support me, the executive team and the finance leadership team.”
Sky TV shares were sitting at $2.75 this morning, down from $2.99 at the beginning of last week, when the company announced the ongoing issues with thousands of customers having their TV reception disrupted by an ageing and ailing satellite.
Editor-at-Large Shayne Currie is one of New Zealand’s most experienced senior journalists and media leaders. He has held executive and senior editorial roles at NZME including Managing Editor, NZ Herald Editor and Herald on Sunday Editor and has a small shareholding in NZME.
