05 Mar 2024
STV Group plc has announced that Simon Pitts has informed the Board of his decision to step down from his role as Chief Executive Officer over the next twelve months to take up a new appointment beginning in Q1 2025.
Until his departure Simon will remain focused on the delivery of the Company's strategy and targets and on ensuring the effective transition of his responsibilities.
The Board has commenced a process to appoint a successor and a further update will be issued in due course.
This announcement is made pursuant to Listing Rule 9.6.11.
Paul Reynolds, Chairman, said:
"Simon has been an outstanding leader of STV over the past six years. As the architect of our diversification strategy, he has successfully led the transformation of STV from a linear broadcaster into a resilient content creation and digital streaming business with an exciting future.
"On behalf of the Board, I would like to thank Simon for his significant achievements to date and his ongoing commitment to implement the next phase of our growth strategy until he steps down over the next twelve months."
Simon Pitts said:
"It has been a huge privilege to lead STV. Since 2018 we have become the most-watched peaktime 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.
I'd like to express my sincere thanks to Paul, 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."
