SKY Network Television Ltd. CEO John Fellet plans to retire within the next 12 months, according to a company statement.

Fellet has agreed to help in looking for his replacement and to serve as CEO until a successor has been selected, SKY Chairman Peter Macourt said in a March 26 news release. He will also remain on the New Zealand-based company's board until the transition has been completed.

The company would consider both internal and New Zealand-based candidates for the exiting executive's replacement.

Fellet joined SKY as COO in 1991. He was appointed chief executive in 2001.