SYDNEY, July 27 (Reuters) - Australian free-to-air television broadcaster Ten Network Holdings Ltd TEN.AX said its chief executive officer has quit, a month after it announced plans to sell a 15 percent stake in itself to the local cable TV arm of Rupert Murdoch's News Corp NWSA.O .
Ten said it appointed its Chief Financial Officer Paul Anderson as its chief executive, effective immediately.
Hamish McLennan took the joint role of CEO and chairman at the loss-making company in February 2013 and has dealt with several buyout overtures over the past eight months, culminating in the proposed tie-up with New Corp-owned Foxtel.
"The strategic arrangements announced on June 15, including the proposed investment by Foxtel in Ten ... mean that my role is complete," McLennan said in a statement to the Australian Securities Exchange on Monday.
"An independent chairman is needed to lead the board through the next phase of the company's development."
McLennan's departure will be taken as a sign that Ten, which consistently rates last among Australia's three commercial free-to-air broadcasters, is seizing on the proposed Foxtel deal as a chance to refresh its focus in an industry hit by declining audiences and advertising revenue.
The departure may also unnerve shareholders, who are being asked to accept a fifth CEO in five years, including a temporary stint by Murdoch's son Lachlan Murdoch.
Ten shares fell 1.2 percent in a weaker overall market. The shares have fallen 23 percent since news of the proposed lifeline investment from Foxtel saw the shares spike a month ago.
Ten counts some of Australia's highest profile business people among its biggest shareholders, including Lachlan Murdoch, casino magnate James Packer and mining heiress Gina Rinehart. It was Lachlan Murdoch who as chairman hired McLennan in 2013.