Nine Entertainment’s new chief executive Hugh Marks has big shoes to fill but he steps into the role with the same creative credentials as David Gyngell, industry watchers say.

Mr Gyngell confirmed on Monday he was handing the reins over to the TV veteran and non-executive director to start a new era at the media giant.

“I have great regard for Hugh Marks. He’s got the experience, he’s got skin in the game, he knows the industry so well and he’s very well regarded,” Mr Gyngell said in a statement.

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Speculation began in October that Mr Marks had been chosen for the top job after Mr Gyngell flagged he would end his eight-year tenure at Nine’s helm.

Nine touted Mr Marks’ two decades of senior executive experience in content production and broadcasting as a winning factor.

“His extensive experience in television, coupled with his detailed knowledge of NEC, made him an obvious replacement for David,” chairman David Haslingden said.

Industry watchers agreed and said Mr Marks’ content background was crucial to replicating his predecessor’s programming success.

“Being able to recognise good talent and good entertainment product and commission it and program it is key to a successful network, which is what Gyngell had in spades,” Fusion Strategy founder Steve Allen said.

“It’s an inspired choice because he does come from the creative side, the program commissioning side. He does understand that and that’s the lifeblood of entertainment companies. It’s a smart appointment.”

Nine shareholders will get their first taste of the new chief executive’s vision at the company’s AGM on November 17.

Having begun his career at Nine as a lawyer in the 1990s, Mr Marks rose to head of film and television at the free-to-air broadcaster.

He left for production house Southern Star in 2002, where under his seven-year chief executive tenure he oversaw the hit programs such as Deal or No Deal and Love My Way.

His rise to the Nine leadership comes at a time when the company is battling to retain audiences and revenue in the face of competition from streaming services such as US giant Netflix, fractured viewership and declining ad revenue.

Nine posted a loss of $592.1 million for 2014/15 and sold off its ticketing business Ticketek to raise capital.

“I come to the business and this role at a time when new platforms and business models for content are achieving reach and scale,” Mr Marks said in a statement on Monday.

“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.”

Following the handover on Tuesday, Mr Gyngell will remain a non-executive director of the company he said was part of his DNA.

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

-AAP