ITV CEO Adam Crozier Stepping Down
He led the U.K. TV giant for seven years.
ITV CEO Adam Crozier is stepping down on June 30, the U.K. TV giant said Wednesday.
He oversaw the company for seven years and led its transformation from an advertising-dependent networks company into a broader business with a big production arm, which he expanded via acquisitions, and digital assets.
Finance chief Ian Griffiths will be promoted to a newly created combined role of COO and group finance director and lead the executive team for an interim period. Chairman Peter Bazalgette will take on the role of executive chairman during that interim period, signaling he will be more active in the company's day-to-day management.
"The company has a well-developed succession plan in place and a longer-term successor to Adam will be announced in due course," ITV said.
Said Bazalgette: "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 for his strong leadership and personal dedication in very successfully turning around the business and building a more global and diversified organization with real scale in key creative markets around the world."
Under Crozier, ITV's revenue has grown by over a billion pounds, and non-advertising revenue more than doubled, with earnings before interest, taxes and amortization up 338 percent, according to the company.
“He has also built a very strong management team and a clear strategy that this team will remain focused on delivering," Bazalgette said. "Coupled with our robust balance sheet and strong underlying cash flows Adam has created a real legacy that will allow ITV to continue to invest and also deliver sustainable returns to shareholders."
Crozier said that after "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 [public] and private sectors."
He added: “I’m incredibly proud of what we’ve achieved in turning ITV into one of the most successful and dynamic media and content businesses in the world. ... Today ITV is more robust, well balanced and stronger both creatively and financially than ever before, and is well placed for the digital future."