UPDATES: Australia's Ten Network Names Warburton As CEO

Ten Network Holdings Ltd. (TEN.AU), owner of one of Australia's largest broadcast networks, on Wednesday said James Warburton will take over as chief executive in July as part of management changes that will also see a new chief financial officer step in this month.

The company said also that James Packer has resigned as a director with immediate effect. The company didn't give a reason for Mr. Packer stepping down in its statement.

Ten last week named as its interim chief executive Lachlan Murdoch, eldest son of News Corp. (NWS) CEO Rupert Murdoch, after Grant Blackley was given notice his contract had been terminated. Blackley was only appointed to the job in mid-December, and the company gave no reason for his termination. Lachlan Murdoch and Packet together own 17.88% of Ten.

Spokespersons for Murdoch, Packer and Ten weren't immediately available for comment.

Warburton, who will assume his role on July 14, has held the role of chief sales and digital officer of Seven Media Group since July 2008. Ten said that CFO John Kelly will leave the company on March 18 and will be succeeded by Paul Anderson, currently CFO of the company's television unit.

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-By Robb M. Stewart, Dow Jones Newswires; [phone]; [e-mail]