Scot steps down at broadcaster

ITV shares fall as CEO Crozier departs

ITVITV shares fell 1.65% on news that its chief executive Adam Crozier is to step down after seven years in the post.

Finance Director Ian Griffiths will lead the executive team until it appoints a successor, helped by chairman Peter Bazalgette, who will become executive chairman during that time.

Bazalgette had already hired headhunters Spencer Stuart at the turn of the year to canvas a replacement for Mr Crozier as speculation over his future grew.

This followed his appointment as a non-executive director of Costa and Premier Inn owner Whitbread.

Mr Crozier, who leaves on 30 June, has grown ITV’s production operations by buying independent producers in Britain and overseas. This has helped reduce its reliance on advertising.

ITV now has a selection of digital channels but the main ITV channel still brings in most of the money, at a far lower cost than the expensive forays into production.

Mr Crozier, born on the Isle of Bute, said he planned to build a portfolio of roles in the next stage of his career.

Since he joined from Royal Mail in 2010 ITV shares have risen by 250%, taking the broadcaster’s market cap from £2.7 billion to £8.3bn.

Comment: Time may be right for TV bosses to switch off

Today he said: “It’s been an absolute privilege to lead the transformation of ITV over the past seven years and I know that I will miss this great business and the people who work here.

“However, having spent 21 years as a chief executive across four very different industries, I now feel that the time is right for me to move to the next stage of my career and to build a portfolio of roles across the PLC and private sectors.”

He was previously head of the Football Association and joint chief executive of Saatchi & Saatchi.

His father was a manager for Lord Bute and his mother was secretary to the managing director of The Scotsman newspaper.

Mr Crozier went to a school in Ayr and Falkirk and graduated in business organisation from Heriot-Watt university in Edinburgh. In 2005 he received an honorary doctorate from the university.

While at school, he had trials with Hibernian and Stirling Albion.

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