Boardroom shake-up at ITV as CEO Adam Crozier quits after seven years

● Scots-born businessman looking to build portfolio of roles in private sector

Adam Crozier, the Scots-born chief executive of ITV who is credited with turning around the broadcaster’s fortunes, is stepping down from the role after seven years.

Crozier, who has also held the top posts at Royal Mail and the Football Association, will leave the group on 30 June to “build a portfolio of roles” across the private sector. ITV, behind shows including Broadchurch and Britain’s Got Talent, said a long-term successor will be revealed “in due course”.

In the meantime, ITV chairman Sir Peter Bazalgette will take on the role of executive chairman, while group finance director Ian Griffiths will also become chief operating officer.

Since ITV appointed Crozier, whose father was a manager for Lord Bute and whose mother was secretary to the managing director of The Scotsman, the firm has seen its share price rise by more than 200 per cent as he steered the business away from a heavy reliance on the turbulent advertising market and towards making and selling hit shows to other broadcasters.

Crozier said he was “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”.

“Going forward, our strategy remains the right one for ITV and I leave behind a strong and talented management team who I know will continue to execute it with energy and confidence.

Liberum analyst Ian Whittaker said: “We do not see the news as sudden in nature nor indicating that ITV is facing major disappointments. However, we do think this could potentially be a sign that ITV might be heading for a sale.”

Speculationhasbeenmounting that ITV could become the subject of a takeover attempt from a rival broadcaster, with sterling’s Brexit-induced slump making the firm more attractive to overseas buyers.

Bazalgette said Crozier had been talking to the board for some time 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,” he said.

Under his tenure, ITV’S external revenues have grown by more than £1 billion. Latest annual results showed underlying pre-tax profits held steady at £847m in 2016 against £843m in 2015.