Channel 4 Appoints New CFO Ahead of Transformation Plans
Channel 4 has announced that Mary Basterfield has been appointed as the firm’s new Chief Financial Officer.
As CFO, Mary will work closely with Channel 4 Chief Executive Priya Dogra and the Board to help deliver the next step of Channel 4’s transformation, improving financial performance, prioritising investment and supporting the evolution towards a more efficient business model.
She will oversee operations for finance, technology, procurement, content management and workplace functions. In addition to becoming a member of the Executive Committee, Mary will also join the Channel 4 Board.
Mary succeeds former Channel 4 CFO Lucy Thomas, who will leave the role on 31 October and support Mary’s transition until her departure.
- Channel 4 has announced plans to cut 340 jobs from its workforce as part of its financial transformation plan
- The 340 redundancies represent a reduction of more than a quarter of Channel 4's total workforce
- Channel 4's current total workforce stands at 1,270 employees
- Outgoing CFO Lucy Thomas will leave the role on 31 October, after which she will support Mary Basterfield's transition until her departure
- Mary Basterfield most recently served as Group CFO and Executive Director at S4 Capital plc, prior to joining Channel 4
Channel 4 occupies a unique place in the media landscape, combining public purpose with a creative and disruptive spirit.”
Experience across creative and digital businesses
Discussing Mary’s appointment, Priya says: “I am delighted to welcome Mary as we embark on a significant transformation of the organisation. She brings a wealth of experience from across creative and digital businesses, alongside a strong track record of leading through significant organisational and industry change.”
She adds that Mary will be an “invaluable partner” and an important member of Channel 4’s leadership team as it looks to secure the channel’s position as a “sustainable and independent business able to back British creativity and deliver impact for the years to come”.
Mary is an experienced CFO with knowledge spanning e-commerce, technology, media, rapid growth and strategic change.
She most recently served as Group CFO and Executive Director at S4 Capital plc, a tech-led digital advertising, marketing and technology services company. Prior to that, she served as Group Finance Director at Just Eat plc, where she oversaw the finance team through its merger with Takeaway.com.
Additionally, Mary was CFO at UKTV and Hotels.com, part of Expedia Inc. She began her career in the music industry and held senior finance roles at Sony Music and Warner Music. She is currently a Non-Executive Director and Audit Chair for the Online NHS Trust and Audit Chair for University College London.
Discussing her appointment, Mary says: “Channel 4 occupies a unique place in the media landscape, combining public purpose with a creative and disruptive spirit. I am delighted to be joining as CFO at such a pivotal moment in its evolution.”
She adds that she looks forward to working alongside Priya and her colleagues across the business to “deliver the strategy, transformation and ambition that will build sustainable growth and secure Channel 4's long-term financial resilience”.
Incoming job cuts at the network
Recently, as part of its wider financial transformation plan, Channel 4 has announced plans to reduce its workforce by more than a quarter, cutting 340 jobs from its 1,270 total.
The network says the strategy will allow it to create a simpler and more efficient operating model and enable greater investment in distinctive programming.
The channel has faced several challenges in the past few years as it attempts to compete with digital platforms and the shrinking advertising market for traditional TV networks.
In a press release last month, the channel referenced the rapidly changing media landscape when discussing the cuts, describing shifts like “evolving audience habits, increasing global competition, a challenging consumer environment and a volatile advertising market”.
In the same month, Priya said these decisions were necessary to create “a more focused and more sustainable Channel 4”.
She added: “Channel 4 is a unique asset and must find ways to maintain independence and distinctiveness while capitalising on efficiencies and opportunities for collaboration.”
Channel 4’s key partners:
Sky: Sky partners with Channel 4 to host its streaming app and broadcast channels directly across all major Sky TV devices.
CEO: Dana Strong | Headquarters: London, England, UK
YouTube: YouTube partners with Channel 4 to stream full episodes, clips, and specialized digital-first shows directly to wide international online audiences.
CEO: Neal Mohan | Headquarters: San Bruno, California, US
Virgin Media: Virgin Media partners with Channel 4 to provide integrated access to its linear television channels and the Channel 4 app.
CEO: Lutz Schüler | Headquarters: Reading, Berkshire, England, UK
