ITV boss Adam Crozier steps down after seven years

ITV's chief executive Adam Crozier has stepped down after seven years in charge of the broadcaster.

Crozier, who formerly led the Football Association and Royal Mail, has been credited with turning around the company's fortunes by building up its in-house production arm and reducing its reliance on shrinking advertising revenue, says the BBC.

He said: "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."

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Chairman Sir Peter Bazalgette will take over some of Crozier's day-to-day responsibilities for an interim period, while finance director Ian Griffiths will lead the executive team until a replacement is appointed.

According to ITV, revenue from sources other than advertising more than doubled to almost £1.9bn under Crozier's tenure and now makes up more than half of the company's income.

"The broadcaster, which makes Coronation Street, is seen as a possible takeover target in an industry that is consolidating as viewers increasingly watch content on demand," says the BBC.

Another step in ITV's move to build up production was also announced today, with the firm confirming it has bought a majority stake in the company behind BBC1's Line of Duty.

World Productions, which also makes the Bletchley Circle, Dark Angel and In Plain Sight, will become part of ITV Studios under the deal, says City AM.