ITV’s bigwig careers off
Empty seat as Crozier moves on
ITV boss Adam Crozier is quitting – with no replacement lined up.
Crozier has transformed ITV’s fortunes during his seven years in charge.
The broadcaster, home to hit shows including Downton Abbey and Britain’s Got Talent, has seen its stock market value triple to £8.3billion during that time.
The former Royal Mail and Football Association chief executive has also built a thriving programmemaking arm.
But ITV’s share price fell 1.8% after his departure was confirmed.
Crozier said: “Having spent 21 years as a chief executive across four different industries, I now feel that the time is right for me to move to the next stage of my career.”
That includes a “portfolio of roles across the PLC and private sector,” he said.
ITV said Crozier, who has earned £27million over the past seven years and holds £4m worth of company shares, would leave at the end of next month.
A replacement hasn’t been named. For the time being, ITV chairman Sir Peter Bazalgette will become executive chairman. Finance director Ian Griffiths will become chief operating officer.
Experts say Crozier may have picked a prime time to go.
ITV abandoned a £1bn takeover bid for Entertainment One – which owns pre-school hit Peppa Pig – last year.
And the UK’s biggest free-to-air broadcaster faces stiff competition from online rivals, such as Amazon and Netflix.
There is also speculation that Virgin Media owner Liberty Global, which holds a 10% stake in ITV, will launch a takeover bid.
Despite leaving next month, Crozier will pocket a year’s worth of pay and perks in July.
He got £3.8m last year alone.