STV has begun a search for a new chief executive officer after announcing its incumbent, Rob Woodward, is to stand down within the next 12 months.
The departure was one of a number of changes at the top of the broadcaster to be announced in its first quarter trading update, which also carried confirmation that senior independent director David Shearer will retire and be replaced by Simon Miller with immediate effect.
Woodward remarked: "As I confirm my decision to pursue fresh challenges after leading the company for the past ten years, I am passionate about STV and its prospects to continue to deliver sustainable profitable growth for our shareholders. The company has an outstanding management team and committed and energised staff that will continue to build on the unique strategic strengths of the business."
STV confirmed that national airtime revenues are expected to drop 8% in the five months to the end of May, although this will be mitigated somewhat by a 5% rise in regional airtime revenues.
The broadcaster marked the launch of STV2 yesterday as it pursues further growth, having posted a 3% increase in revenue to £120.4m in 2016.