UPDATE 1 — Glasgow-based media company STV Group said its CEO Rob Woodward “will stand down from his position and from the board within 12 months.”
STV’s nomination committee will begin a process to identify a successor.
Last month, Woodward was appointed non-executive chairman of data erasure and mobile device diagnostics firm Blancco Technology Group.
“As I confirm my decision to pursue fresh challenges after leading the company for the past ten years, I am passionate about STV and its prospects to continue to deliver sustainable profitable growth for our shareholders,” said Woodward.
“The company has an outstanding management team and committed and energised staff that will continue to build on the unique strategic strengths of the business.”
STV Group chair Margaret 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.”
STV Group also announced a trading update to coincide with the company‘s annual general meeting on Monday.
It said trading during the first quarter was in line with expectations.
“The outlook to end of May continues to be in line with forecasts with STV national airtime revenues expected to be down 8%,” said STV.
“Regional airtime revenues are expected to be up 5% in the five months to end of May.
“Digital revenues continue to perform strongly, up 11% in Q1 with VoD up 23%, and are expected to continue to deliver a strong growth trajectory in Q2.
“STV2, a new channel and the latest addition to the STV Family of consumer services was successfully launched yesterday.
“STV2 is the first commercial channel with a distinct schedule for Scotland. The service will be available on DTT, Sky, Virgin and online via the STV Player.”
Woodward said: “We have made a positive start to 2017 including the launch of new channel, STV2, and further commissions secured for STV Productions.”