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ITV narrows search for successor to chief executive Adam Crozier ITV narrows search for successor to chief executive Adam Crozier
(about 2 hours later)
ITV’s hunt for a chief executive has narrowed to a shortlist that includes a senior Sky executive, the boss of insurance group and the head of a Scottish broadcaster. ITV’s hunt for a chief executive has narrowed to a shortlist that includes a senior Sky executive, the boss of an insurance group and the head of a Scottish broadcaster.
Its board is expected to discuss the selection process at a meeting this week that could identify Adam Crozier’s successor, with an official announcement expected in July. The shortlist is led by Andrew Griffith, chief operating officer at Sky, Paul Geddes, chief executive of Direct Line, and Rob Woodward, the outgoing chief executive of STV, which holds the ITV broadcasting licences for northern and central Scotland.Its board is expected to discuss the selection process at a meeting this week that could identify Adam Crozier’s successor, with an official announcement expected in July. The shortlist is led by Andrew Griffith, chief operating officer at Sky, Paul Geddes, chief executive of Direct Line, and Rob Woodward, the outgoing chief executive of STV, which holds the ITV broadcasting licences for northern and central Scotland.
Candidates thought to still be in the running also include Simon Pitts, the managing director of ITV’s digital and pay TV strategyPitts is also thought to have made it to final interviews for the Channel 4 chief executive role. John Smith, a former chief operating officer at Burberry and ex-chief of BBC Worldwide, is also viewed as a potential contender. Candidates thought to still be in the running also include Simon Pitts, the managing director of ITV’s digital and pay TV strategy. Pitts is also thought to have made it to final interviews for the Channel 4 chief executive role. John Smith, a former chief operating officer at Burberry and ex-chief of BBC Worldwide, is also viewed as a contender.
ITV’s nominations committee is understood to be seeking a candidate with solid experience at a major publicly listed company, with headhunters Spencer Stuart looking beyond the media sector and flagging the candidacy of Geddes, who is also a non-executive director at Channel 4. ITV’s chairman, Sir Peter Bazalgette, has no experience of chairing a listed business. It is thought that some FTSE experience would bolster ITV’s board-level operations.ITV’s nominations committee is understood to be seeking a candidate with solid experience at a major publicly listed company, with headhunters Spencer Stuart looking beyond the media sector and flagging the candidacy of Geddes, who is also a non-executive director at Channel 4. ITV’s chairman, Sir Peter Bazalgette, has no experience of chairing a listed business. It is thought that some FTSE experience would bolster ITV’s board-level operations.
Crozier leaves at the end of the month. Multiple sources have said that the ITV board has been aware of his intentions to leave as far back as October.Crozier leaves at the end of the month. Multiple sources have said that the ITV board has been aware of his intentions to leave as far back as October.
At the end of last year the broadcaster admitted it had appointed Spencer Stuart to handle the succession. The process for Channel 4 to appoint a new chief executive took less than three months, with Alex Mahon to take over from David Abraham in October or early November. The process for Channel 4 to appoint a new chief executive took less than three months, with Alex Mahon to take over from David Abraham in October or early November.
ITV has put in place an interim measure in which Bazalgette take the temporary role of executive chairman. Finance director Ian Griffith will run the company as chief operating officer until Crozier’s replacement starts. Griffiths s highly rated by the City but not thought to have applied for the top job. ITV has put in place an interim measure in which Bazalgette will take the temporary role of executive chairman. Finance director Ian Griffith will run the company as chief operating officer until Crozier’s replacement starts. Griffiths s highly rated by the City but not thought to have applied for the top job.
When ITV announced Crozier’s departure at the beginning of May, Bazalgette said the company had a “well-developed succession plan” in place.When ITV announced Crozier’s departure at the beginning of May, Bazalgette said the company had a “well-developed succession plan” in place.
The chairman wasquestioned by investors at ITV’s annual meeting later that month, to which he said: “Nothing has gone wrong, we are in a good place.” The chairman was questioned by investors at ITV’s annual meeting later that month, to which he said: “Nothing has gone wrong, we are in a good place.”
One top 10 ITV shareholder said that the despite outward appearances the broadcaster had been preparing for Crozier’s departure for a considerable time. One top 10 ITV shareholder said that the despite outward appearances the broadcaster had been preparing for Crozier’s departure for a considerable time. “We have been fully engaged with the board over the last six to none months over succession planning,” said the investor, who did not wish to be named. “We saw the chairman at the end of last year and don’t have concerns over the process. It is a fully thought out process.”
“We have been fully engaged with the board over the last six to none months over succession planning,” said the investor, who did not wish to be named. “We saw the chairman at the end of last year and don’t have concerns over the process. It is a fully thought out process.” The chief executive of WPP, one of the biggest spenders of advertisers’ money on ITV, said the broadcaster had a tough task choosing its next leader, with the TV advertising market under attack from Facebook and Google and viewers being lured away by the rise of streaming rivals businesses such as Netflix and Amazon.
The chief executive of WPP, one of the biggest spenders of money on behalf of advertisers’ on ITV, said the broadcaster had a tough task choosing its next leader, with the TV advertising market under attack from Facebook and Google and viewers being lured away by the rise of streaming rivals businesses such as Netflix and Amazon. “Clearly [ITV] is going to need somebody who has a fundamental understanding of traditional and new, over the top [internet] services, so it is a balance,” Sir Martin Sorrell said. “They probably need a global understanding as well, as ITV is now a much more international business. It is not an easy position to fill from the point of view that the capabilities you need are very broad. It is a very demanding role. A pretty all embracing job description.”
“Clearly [ITV] is going to need somebody who has a fundamental understanding of traditional and new, over the top [internet] services, so it is a balance,” Sir Martin Sorrell said. “They probably need a global understanding as well as ITV is now a much more international business. It is not an easy position to fill from the point of view that the capabilities you need are very broad. It is a very demanding role. A pretty all embracing job description.”
A spokesman for ITV said: “The board has a well developed succession plan in place and is focused on the process of finding a successor.”A spokesman for ITV said: “The board has a well developed succession plan in place and is focused on the process of finding a successor.”