ITV has reportedly started the process to find long-term successors for its CEO Adam Crozier and group finance director Ian Griffiths, although there are no immediate plans for the duo to leave the firm.
Sir Peter Bazalgette, the UK commercial broadcaster’s group chairman, has brought in London-based headhunting firm Spencer Stuart to devise a long-term strategy to replace the top roles at ITV, according to Sky News.
However, Crozier and Griffiths have both said they are not leaving ITV and the headhunter has not been given a formal mandate to replace them. ITV has not commented on the story.
Former Royal Mail boss Crozier replaced Michael Grade as CEO in 2010, while Griffiths has been the company’s finance boss since 2008.
Crozier is generally considered to have turned around ITV’s fortunes since joining the company. The broadcaster’s share price has risen from 56p when he started to 206.4p at present, although this has fallen due to concerns over advertising revenues after the UK’s decision to leave the European Union.
In November, ITV warned that advertising income would drop 7% during the Christmas period. This followed the organisation’s announcement in October that it was cutting 120 jobs because of “political and economic uncertainty” and its move to make £25m in cuts following the UK’s Brexit vote.
Last year, ITV – long rumoured to be the subject of a takeover from the US – also dropped its corporate broker, JP Morgan, and took on Citigroup following its failed attempt to buy production and distribution giant Entertainment One.