GEORGE Watt, the chief financial officer of broadcaster STV, is to become chairman of retail promotional group SpaceandPeople.

Mr Watt, who is currently a non-executive director at the Aim-listed business, will step up to chairman on June 29. He replaces Charles Hammond, chief executive of Forth Ports, who is stepping down from the SpaceandPeople board he has served on since 2014.

Mr Hammond said: “It has been a pleasure to chair the company for almost four years, during which we have achieved a level of growth and stability in the business, a focused strategy for the future and a strong board and senior executive team capable of implementing it.

Mr Watt held roles at KPMG in the UK and US before his appointment at STV. He has been a non-executive director of SpaceandPeople since 2014. He takes over the chair as the company moves beyond challenges which it faced in 2016, leading to a £1.2 million pre-tax profit for 2017.

Matthew Bending, chief executive of the group, thanked Mr Hammond for help and guidance, adding: “He has been unrelenting in ensuring the management team focused on the core strengths of the business, and has been an excellent chairman.

“The fact that George Watt is replacing him allows both continuity and a fresh perspective for the company. With huge experience in both the City and media worlds, George is well placed to give advice and guidance to the board and represent shareholders’ interests in the future.”

SpaceandPeople provides space in shopping centres and train stations for companies to promote products or set up temporary sales space.