ITV Chief Executive Adam Crozier to stand down as Sir Peter Bazalgette will become Executive Chairman
ITV have confirmed that Adam Crozier, Chief Executive, is stepping down from the Board and his role after seven very successful years.
Ian Griffiths will step up to a newly created combined role of Chief Operating Officer and Group Finance Director. Ian will also lead the executive team for an interim period, with Sir Peter Bazalgette, ITV Chairman, taking on the role of Executive Chairman during that time. The company has a well developed succession plan in place and a longer term successor to Adam will be announced in due course.
Sir Peter Bazalgette said: “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 organisation with real scale in key creative markets around the world. Under Adam, external revenues have grown by over a billion pounds, non-NAR revenues have more than doubled to almost £1.9bn, EBITA has grown by 338% and adjusted earnings per share have grown by 844%.
“He has also built a very strong management team and a clear strategy that this team will remain focussed on delivering. 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. ITV and the Board wish Adam all the best for the future as he looks to the next stage of his career.”
Adam Crozier said: “It’s been an absolute privilege to lead the transformation of ITV over the past seven years and I know that I will miss this great business and the people who work here. However, 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 PLC and private sectors.
