ITV’s chief executive Adam Crozier to step down after seven years

A former boss of the Football Association and Royal Mail, Crozier said of his departure: "It's been an absolute privilege to lead the transformation of ITV over the past seven years and I know that I will miss this great business and the people who work here.

"However, having spent 21 years as a chief executive across four very different industries, I now feel that the time is right for me to move to the next stage of my career and to build a portfolio of roles across the PLC and private sectors.”

Crozier leaves at the end of the month and his replacement is yet to be announced. Chairman Sir Peter Bazalgette paid tribute to the 53-year-old saying that he had created a “real legacy”:

"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."

Bazalgette will become executive chairman in the interim while ITV's finance director, Ian Griffiths, will take on a new combined role of chief operating officer and finance chief before a new chief executive comes on board.

Crozier was given the task of increasing advertising revenues at ITV when he was appointed to the role in 2010, but during his tenure has actually reduced the reliance on advertising and has also overseen an increase in ITV’s production arm.

Under Crozier, ITV bought 75% of Mammoth Screen – the production company responsible for big hits such as Poldark and Victoria – and also 75% of TwoFour who produce The Jump and Educating Yorkshire.

In 2013, ITV also spent £12.5 million on production company Big Talk who produce Rev, Friday Night Dinner and Cold Feet.