Sky TV's new-broom CEO Martin Stewart has consolidated his power by taking the board seat vacated by John Fellet.

The change was announced to the NZX this morning.

Fellet's decision to stay on as a director after resigning as CEO drew flak from the NZ Shareholders Association, which said it would crimp his successor's style.

But in the event, the setup was shortlived, with Fellet quitting the board on March 28, just five weeks into Stewart's reign.


Next to leave the building could be long-serving chairman Peter Macourt, who has headed the board since 2002.

Sky TV had no immediate comment on his future today, but at the pay TV broadcaster's AGM in October, Macourt indicated he had one eye on the exit door.

He told shareholders, "My immediate focus is appointing the new CEO, and supporting them as they get into the role. I will address the succession planning for the next chair once the new CEO is settled in their role."

Another board member, Derek Handley, came under fire at the annual meeting, but fought his corner and successfully stood for re-election.

New chief executive Martin Stewart has outlined plans to make a lot more content available online and fight harder to retain sports rights.

New faces will help him see his plan through.

Director of sport Richard Last abruptly within days of Stewart's arrival. And CFO Jason Hollingworth announced on March 15 that he was leaving for a role at Vector.

Deloitte partner Andrew Dick has been drafted as acting CFO, while Sky director of broadcasting Tex Teixeira has become acting director of sport.


Sky shares were recently trading up 0.77 per cent to $1.31. The stock is down 43.63 per cent for the year.

On November 28, it reported another drop in subscribers, albeit with the rate of defections dropping.

Sky said it had 750,321 subscribers, which is down 28,455 from 779,776 a year earlier.

The drop was more moderate than the 40,000 who were reported to have left during the previous result.

First-half profit was down 19.7 per cent to $53 million, while revenue fell 8.4 per cent to $403m.

Alongside the now familiar challenges of Netflix and piracy, Sky now also faces a sports rights insurgency by Spark, which recently launched its Spark Sport app at $20 a month, with Rugby World Cup 2019 passes from $60.