The boss of Scottish broadcaster STV is to stand down.
Simon Pitts will depart the Glasgow-based company within the next 12 months to take up a new appointment in the first quarter of 2025, it was announced to the stock market this morning.
Mr Pitts has led STV since 2018, when he joined from ITV.
He presided over a significant restructuring of the company, re-establishing it as a force in TV production and building a presence in digital news and streaming services. Mr Pitts also oversaw a controversial revamp of news output several months after joining in 2018 in response to the challenge of reporting in the digital age, which led to redundancies.
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STV said the process to appoint his successor is underway.
His decision to move on came as STV reported a sharp fall in profits for 2023, amid weak conditions in the advertising market, cost inflation, and broader macroeconomic uncertainty. Pre-tax profits tumbled by 69% to £5.3m as total advertising revenue fell by 12% to £97.3m.
Mr Pitts said: “It has been a huge privilege to lead STV. Since 2018 we have become the most-watched peak-time TV channel in Scotland and retained that position for 5 years in a row, transformed STV Player into a high-growth streaming service, and created one of the UK's leading TV production groups, and we have today set out further ambitious growth plans for the future.
“With STV's latest diversification targets fully achieved, now is the right time to plan a smooth and orderly succession. Our leadership team is very strong, our strategy is clear and it's delivering. Our STV colleagues are doing a fantastic job producing world class programmes, news and digital & commercial products every day of the year, staying ahead of the competition and creating strong foundations for the future.
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“I'd like to express my sincere thanks to Paul [Reynolds, chairman], former chair Margaret Ford and the rest of the board, as well as all my STV colleagues for their unstinting support, drive and creativity over 6 extremely enjoyable years."
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