ITV boss Adam Crozier stepping down after seven years

(c) Sky News 2017: <a href="http://news.sky.com/story/itv-boss-adam-crozier-stepping-down-after-seven-years-10861286">ITV boss Adam Crozier stepping down after seven years</a>
 

ITV (Frankfurt: A0BLQP - news) chief executive Adam Crozier is to step down after seven years during which he is credited with turning around the fortunes of the broadcaster.

The group, home to shows such as Britain's Got Talent, Broadchurch and Coronation Street, said Mr Crozier would leave on 30 June with a long-term successor to be revealed "in due course".

Sky News revealed in December that ITV had laid the groundwork for his departure by hiring corporate headhunters to oversee succession planning.

Chairman Sir Peter Bazalgette said he had "made a fantastic contribution to ITV".

Mr Crozier, who previously led the Football Association and Royal Mail (LSE: RMG.L - news) , took over at the broadcaster in 2010.

Since then its share price has surged by 270% as he guided the business away from a heavy reliance on the turbulent advertising market.

He has steered it towards more involvement in making and selling hit shows to other broadcasters, buying independent producers in Britain and overseas.

:: The challenges facing Crozier's ITV successor

ITV said revenues from sources other than advertising had more than doubled to almost £1.9bn under Mr Crozier's tenure, to represent more than half the total.

Shares (Berlin: DI6.BE - news) lost 1.7% of their value by the close of trading.

Mr Crozier said he now planned to "build a portfolio of roles" elsewhere in business.

He added: "Today ITV is more robust, well-balanced and stronger both creatively and financially than ever before, and is well placed for the digital future."

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