ITV share price: Group’s finance director and COO to step down

Broadcaster to start search for successor to Ian Griffiths

ITV share price: Group’s finance director and COO to step down

ITV’s (LON:ITV) finance director and chief operating officer has announced plans to retire from the blue-chip broadcaster. The company has said that it will now start looking for a successor.

ITV’s share price fell in the previous session, giving up 0.62 percent to close at 175.90p, underperforming the broader UK market, with the benchmark FTSE 100 index adding 28.08 points to end the session 0.37 percent higher at 7,537.92. The group’s shares have lost more than three percent of their value over the past year, as compared with about a 1.2-percent gain in the Footsie.

Ian Griffiths to step down

ITV announced in a statement this morning that Ian Griffiths, the company’s chief operating officer and group finance director, had advised the board of his intention to retire from the broadcaster in the next 12 months. The blue-chip group said that it will now start the search for a successor. Griffiths joined ITV back in September 2008 as group finance director, and was appointed as  COO in April last year.

“Ian has been a key part of the management team that transformed ITV’s performance.  The strategy that Ian helped develop and deliver has created a strong platform for our future success and delivered real value for shareholders,” the group’s chairman Sir Peter Bazalgette commented in the statement. ITV’s chief executive Carolyn McCall meanwhile said that Griffiths had helped her “steer the strategy refresh”.

Analysts on broadcaster

The 20 analysts offering 12-month price targets for ITV for the Financial Times have a median target of 195.00p on the shares, with a high estimate of 275.00p and a low estimate of 110.00p. As of June 26, the consensus forecast amongst 20 polled investment analysts covering the blue-chip broadcaster has it that the company will outperform the market. 

As of 08:13 BST, Wednesday, 27 June, ITV plc share price is 175.90p.

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