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ITV CEO Adam Crozier steps down after seven years of 'turning around the business'

Adam Crozier, ITV

Adam Crozier is stepping down from his top role at UK broadcaster ITV, opening up a vacancy in the chief executive role.

After a seven year stint in the role, Crozier will be replaced on the interim by finance director Ian Griffiths who will handle a role combining chief operating officer and finance chief. Sir Peter Bazalgette, ITV chairman, will also take on the role of executive chairman.

On the departure, Bazalgette, said: “Adam 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 continued that Crozier grew external revenues by more than have grown by over £1bn and adjusted earnings per share have grown by 844%.

"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."

Crozier said it was a privilege to lead the transformation of the company and underlined that it was time for him to build up his experience in the private sector across numerous roles.

“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.”

He leaves the business 30 June 2017. The broadcaster has been headhunting for months to make the replacement.