Hamish McLennan has stepped down as chief executive and executive chairman of Ten Network after less than two-and-a-half years with the broadcaster.

He will be replaced by current Ten non-executive director David Gordon as chairman and by chief financial officer Paul Anderson as CEO.

In a statement, Mr McLennan said that a recent deal with Foxtel, which has taken a 15 per cent stake in the network, and its Multi Channel Network advertising business meant his job with the network was done.

“The strategic arrangements announced on June 15, including the proposed investment by Foxtel in Ten and the transformative agreement with MCN, mean that my role is complete,” he said.

Mr McLennan was brought in by then chairman Lachlan Murdoch in March 2013 following the dumping of former then CEO James Warburton after just 13 months in the job.

Prior to his appointment, he had been in a executive role with Rupert Murdoch’s News Corp, which owns 50 per cent of Foxtel, in New York.

He has led a turnaround in the broadcaster’s ratings performance in the past year, thanks to successes like Family Feud and I’m a Celebrity Get Me Out Of Here.

But the company’s share price has remained in the doldrums during his tenure and the company continues to face a tough advertising market.

His replacement, Paul Anderson, has been with Ten since 2003, having been CFO since 2011 and chief operating officer since March 2014.

Ten shares were down 0.25 per cent to 20.75 cents as of 1040 AEST.

– AAP