ITV taps headhunter Stuart Spencer to pick new chairman
ITV is said to have hired executive search firm Stuart Spencer as it kicks off the hunt for a replacement to outgoing chairman Sir Peter Bazalgette.
The broadcaster’s nominations committee, led by former Jupiter Fund Management boss Edward Bonham Carter, has tapped the US headhunter to scout out potential applicants, Sky News reported.
Bazalgette, who has led ITV since 2016, is expected to step down when his term expires in May next year.
Including a three-year stint as a non-executive director, the veteran media boss will have served for nine years on the company’s board.
Under corporate governance rules this is the maximum time a chair can serve on a listed company’s board before they are no longer deemed independent.
Prior to leading ITV, Bazalgette held a number of high-profile roles in the media industry, including chair of Arts Council England and production company Endemol Shine. He is also president of the Royal Television Society.
Bazalgette’s successor will be taking over ITV at a critical time for the broadcaster, which has been hit by a decline in traditional TV advertising as well as the impact of the pandemic.
In November the company forecast ad revenue to bounce back at the end of the year following a record slump at the outbreak of coronavirus in the second quarter.
The broadcaster last year unveiled plans to launch a new business division devoted to streaming, as it looks to counteract competition from US giants such as Netflix.
It will also reduce its office space in the capital over the coming years in a bid to cut costs and respond to an increase in home working.
ITV’s share price has climbed back from lows in March, but it remains down by a quarter compared to this time last year.
With its market value now at just £4.4bn, speculation has been rife that suitors could be preparing a takeover offer.
ITV has been contacted for comment.