ROB WOODWARD has refused to rule himself out of the running to become the next boss of Channel 4 as he prepares to step down as the chief executive of STV.

The Scottish broadcaster announced yesterday that Mr Woodward will leave after 10 years at the helm within the next 12 months, with STV confirming that its search for his successor is under way.

Speaking after the company’s annual meeting in Glasgow, Mr Woodward, who is 57, said he was “ready for new challenges” after leading STV for a decade, declaring that he leaves the broadcaster in “very strong health with great future prospects ahead.”

He said: “It feels like it is time for me to find new challenges and let somebody else write the next chapter of STV’s history.”

Channel 4 is on the hunt for a new boss after it confirmed last month that David Abraham would be leaving the job next year.

Asked if he was interested in that role, Mr Woodward said: “Who knows? I’ve got a huge amount of admiration for Channel 4.

“I think it offers a great service and I spent a number of years on the board of Channel 4 as the commercial director in fact before I came to STV. There’s a big job for the right person.”

When asked to comment on the type of role which would attract him in future, Mr Woodward noted: “I’m still considering [my future].

“I always like positions that challenge me, that test my skills to the full and all my 10 years of experience at STV has been [an] amazingly valuable learning experience, and I want to use that expertise to [tackle] fresh challenges.”

While Mr Woodward said he has many highlights to look back on from his time at STV, he emphasised that the “overall strength of the company now speaks for itself.”

He observed: “When I joined the company was in an extremely weak position. It had an over-stretched balance sheet, we had debt we were unable to service and we were paying no dividend.

“Now that position is transformed. We have got a very strong balance sheet, we are paying a very progressive dividend yielding over four per cent for our shareholders, and I think importantly STV and its brand has been put right at the heart of Scottish society, which is what we set out to do.”

Mr Woodward’s departure was announced just two days after the broadcaster launched new STV2, a new commercial channel claimed to be the first offering a “distinct schedule for Scotland”.

The channel, whose flagship programme STV News Tonight covers Scottish, UK and international news, effectively combines and rebrands is existing channels for Glasgow and Edinburgh, alongside new licences for Aberdeen, Ayr and Dundee.

Asked whether it was satisfying to launch a channel with interest in politics at fever pitch, Mr Woodward said: “Well timing is everything.

“We launched last night, STV2, and a key part of our schedule is Scotland’s first integrated international, UK-wide and Scottish news bulletin.

“It is going to enable us to tell stories that have never been told in this way before.”

Earlier, STV’s annual meeting had passed smoothly, with all resolutions carried. However concern was expressed by one investor over Mr Woodward’s bonus.

The shareholder said he has no doubt Mr Woodward does an

“excellent job” but suggested it would be more equitable if his £400,000 bonus was distributed among employees to “recognise the contribution everyone makes” to STV’s performance.

Mr Woodward’s bonus, which supplemented a basic salary of £395,000 last year, was defended by non-executive Anne Marie Cannon, chairman of the remuneration committee.

Ms Cannon said Mr Woodward had done an “excellent job” and that his pay had been benchmarked against peers in the industry.

She noted that shareholders would be given the chance to comment on remuneration when the company undertakes a triennial review next year.

Chairman Baroness Ford of Cunninghame said the issue of executive pay is uppermost in shareholders’ minds, saying “we take the business of executive remuneration very seriously, because it is shareholders’ money”.

The Baroness added: “I wouldn’t want you to think that somehow this board is a soft touch.”

She said STV sets “stretching targets” on bonuses, noting that last year executives did not receive 100 per cent of the potential pot.

STV reported yesterday that it expects national airtime revenues to be down eight per cent in the five months to the end of May, but up five per cent up in Scotland. The company said digital revenues rose by 11 per cent in the first quarter and expects them to continue to grow in quarter two.

Mr Woodward said: “Overall for the year we would stick with where we are at, with a small single digit decline – so probably about four to five per cent down in the national market through the course of the year.”

STV launched an 11-year plan to eliminate the £130m deficit in its defined benefits pension scheme in March, after the deficit had widened from £83m in March 2014 because of lower gilt yields.

Asked whether he hoped his successor will be as committed to addressing the deficit, Mr Woodward said: “Of all the legacy issues the board and I have had to deal with, the pension deficit is clearly something there is no magic wand [for]. We have recently gone through an orderly process with the trustees and agreed a new deficit funding plan for the future, which is totally in line with market expectations. We need to, and we will, continue to meet our obligations in full, and continue to fund the deficit.”

In addition to Mr Woodward’s departure, David Shearer retired from the board after 10 years following yesterday’s meeting. Mr Shearer has been replaced by Simon Miller. Mr Woodward, Ms Cannon and Christian Woolfenden were re-elected to the board by shareholders yesterday.

Baroness Ford said: “The board is indebted to Rob for his exceptional contribution to the turnaround of the Group and his commitment and passion in driving positive growth over the past ten years. He has built a strong legacy. With a first class leadership team and staff and highly engaged board in place the company is well positioned to realise its future growth potential and continue to deliver to shareholders.”

Shares on STV closed down 7.5p at 372.5p.