Network Ten executive chairman and chief executive Hamish McLennan has stepped down from his role, effective immediately.

Current Ten non-executive director David Gordon has been appointed chairman, and chief financial officer Paul Anderson will be the company’s new CEO.

The move comes after pay-tv giant Foxtel bought a 15 per cent stake in the free-to-air broadcaster in June.

• ISIL ‘member’ returns home 
• ‘Wrong and offensive’: Kevin Andrews slams story
• ‘I was asked to vote for my own discrimination’ 

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

“An independent chairman is needed to lead the board through the next phase of the company’s development.

“David Gordon has been an exceptional Director and his contribution has always been of the highest standard. He will represent all shareholders very well.”

Mr Anderson is the “ideal person to lead Ten team”, Mr Gordon told AFR.

Mr Anderson has been with the company for 12 years and most recently held the roles of chief operations officer and chief financial officer concurrently.

In a statement, Mr Anderson said the network’s plan is working.

“Ten has ratings and revenue momentum, as demonstrated by the 15 per cent audience growth our primary channel achieved in the first half of the 2015 ratings year and the exceptionally strong revenue growth we have seen in recent months.”

– with AAP