ITV share price eases as chief executive steps down

on May 3, 2017
Updated: Oct 21, 2019

Shares in ITV (LON:ITV) have slipped into negative territory as the blue-chip broadcaster’s chief executive unveiled plans to step down from the company. The group said that it will unveil a successor to Adam Crozier ‘in due course’.

As of 09:16 BST, ITV’s share price had lost 1.42 percent to 208.50p, underperforming the broader London market, with the benchmark FTSE 100 index currently 0.29 percent worse off at 7,229.30 points. The group’s shares have lost more than eight percent of their value over the past year, but have gained a little over one percent in the year-to-date.
ITV announced in a statement this morning that its chief executive Adam Crozier was stepping down from his role after seven years at the helm of the blue-chip broadcaster. The company assured investors that it had a ‘well-developed’ succession plan in place, with a successor to Crozier to be announced in due course. During the interim, ITV chairman Sir Peter Bazalgette will take on the role of executive chairman, while group finance director Ian Griffiths will combine his current role with that of chief operating officer, and will lead the executive team.

“Adam has been talking to me and the Board for some time now about his future plans. He has made a fantastic contribution to ITV and the Board is deeply indebted to him,” Sir Peter Bazalgette commented in the statement, adding that during Crozier’s tenure, external revenues had grown by over a billion pounds while non-NAR [net advertising] revenues had more than doubled to nearly £1.9 billion.
ITV noted that Crozier will leave the business on June 30, and will be “paid in line with his contract and in recognition of his tremendous contribution to the success of ITV”. The blue-chip broadcaster is scheduled to update investors on its first-quarter performance on May 10.
As of 10:01 BST, Wednesday, 03 May, ITV plc share price is 209.00p.

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