Gyngell announced his resignation on Monday having earlier flagged that he would end his eight-year tenure at the helm of the media giant.

The high-profile TV boss will hand over the reins on Tuesday but remain on the Nine board as a non-executive director.

Gyngell said Marks was an obvious selection as his successor.

“He’s got the experience, he’s got skin in the game, he knows the industry so well and he’s very well regarded,” Gyngell said in a statement.

Marks comes to the role with almost 20 years of senior executive experience in content production and broadcasting.

A former head of content, he served at Nine for seven years as director of films and television, having begun his career at the broadcaster in the 1990s as a legal counsel.

Marks left Nine for Southern Star where he was chief executive for seven years and following that was an authority member at the Australian Communications and Media Authority for more than two years.

In 2013, he rejoined Nine as an non-executive board director prior to the company’s stock market listing.

Marks sees the disruption caused by digital innovation in the TV industry as one of his biggest challenges in his new role.

“I come to the business and this role at a time when new platforms and business models for content are achieving reach and scale,” he said.

“It will be a challenge to find the right path but I believe we have the best team, the assets and ideas to do it.”

Marks will receive a fixed remuneration of $1.4 million a year, plus short and long-term bonuses.

Nine’s chairman David Haslingden hailed Mr Marks’ extensive industry experience and thanked Gyngell.

“He has led the company through a significant restructuring, whilst remaining an active and inspiring leader,” Haslingden said.

Gyngell was a prominent and popular head of Nine who steered the broadcaster through turbulent times, including a major restructure and share market listing.

He said in Monday’s statement that it was time for him to go.

“I always say Nine is part of my DNA, and it’s true. From my boyhood alongside my dad, to this day. I love the culture and achievement of this company and I love its people. That wont change,” he said.

“It’s now up to Hugh and the team to run the show, and I confidently wish them the very best.”

Shares in Nine were half a cent lower at $1.575 at 11.41am (AEDT).

AAP