ITV: chief executive to step down.

(CercleFinance.com) - Shares in ITV were losing ground on Wednesday after the British broadcaster said this morning that its chief executive Adam Crozier will be stepping down after seven years.


Group finance director Ian Griffiths will be promoted to a newly created combined role of chief operating officer (COO) and chief financial officer (CFO) and will also lead the executive team in the interim.

During that time, Sir Peter Bazalgette, ITV's chairman, will take on the role of executive chairman, the company said.

"We do not see the news as sudden in nature nor indicating that ITV is facing major disappointments," analysts at Liberum commented this morning.

"However we do think this could potentially be a sign that ITV might be heading for a sale," the broker said, adding that Liberty Media's name, which owns 9.9%, would be inevitably mentioned.

ITV shares are currently down 1.3% at 209 pence.

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