UPDATE 1-Australia's Seven West Media CEO Worner resigns days ahead of results

(Adds background on Warburton, company performance)

Aug 16 (Reuters) - Seven West Media Chief Executive Officer Tim Worner has resigned from his position at the Australian free-to-air television broadcaster just days ahead of the company’s annual results.

Seven did not give a reason for the Worner’s resignation but said “now is the time for change.”

Former APN Outdoor CEO James Warburton had been chosen as the new chief executive officer and managing director. Warburton has previously held the role of chief digital and sales officer at Seven Media Group.

In May, the company cut its annual earnings guidance citing softer market conditions, especially in the advertising sector, its largest moneymaker.

The company said its guidance remained unchanged from the May update. It will report its fiscal 2019 results on Aug. 20.

Reporting by Aditya Soni in Bengaluru; Editing by Stephen Coates