ITV name Carolyn McCall as new chief executive

ITV revenues struggle against weak advertising sales in post-Brexit economy

ITV (LON:ITV) have announced the appointment of former EasyJet (LON:EZJ) boss Carolyn McCall as their new chief executive.

Ms McCall will replace outgoing chief executive Adam Crozier next year, commencing her position from 8 January 2018.

Crozier, who has been at the helm of broadcaster for seven years, announced his departure from the company back in May.

The appointment of McCall, who headed the Guardian Media Group prior to joining Easyjet, makes her ITV’s first female chief executive. Chairman Sir Peter Bazelgate said of the news:

“In a very impressive field of high-calibre candidates, Carolyn stood out for her track record in media, experience of an international operation, clear strategic acumen and strong record of delivering value to shareholders.”

He added: “I’m delighted we’ll be working together at ITV.”

Ms McCall will be tasked with seeing the broadcaster through a difficult period, plagued with falling advertising revenues and a tougher media market.

In recent years, ITV has been performing comparatively against competitors, which has been largely attributed to the expansion of its production arm under outgoing executive Crozier.

Under Crozier, ITV produced the internationally acclaimed Downton Abbey series, which spanned six series and is now being developed into a film.

With respect to renumeration, The channel said of the new chief executive’s salary:

“As chief executive of ITV, Carolyn will receive an annual salary of £900,000 and a pension allowance of 15 percent of salary,” ITV stated.

“She will also be able to participate in the company’s existing annual bonus plan up to a maximum of 180 percent of salary, and the long-term incentive plan up to 265 percent of salary.”

During her time at Easyjet, McCall is understood to have made as much as £30 million since she joined back in July 2010.

This comes at a time of difficulty for the budget air-carrier, which continues to deal with plunging profits as a result of Brexit-related pound sterling fluctuations, strong market competition and decreased passengers as a result of anxieties in light of recent terrorist attacks.

Shares are currently up 2.51 percent as of 9.48AM (GMT).