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ITV (LON:ITV) announced its appointment of Chris Kennedy as its new CFO, who will step down from his current post as finance chief of FTSE 100 company Micro Focus.
‘I am really pleased to be working with Chris again as CFO,’ CEO of ITV Carolyn McCall said.
‘He will play a huge role in helping us deliver our new More Than TV strategy and I know he will work really well with the senior leadership team of ITV,’ she added.
Kennedy worked alongside McCall at easyJet where he served as the airlines CFO between 2010 – 2015.
‘This is an exciting time to be joining ITV,’ Kennedy said. ‘I’m looking forward to working with the team to execute the strategy and deliver value for shareholders.’
Challenging times for ITV
Kennedy will take over as finance chief at a particularly challenging time for the British media company, which is facing stiff competition from streaming services like Amazon and Netflix. The latter of which posted strong third quarter earnings, after it signed up an additional seven million subscribers to its service between July and September of this year.
To stay competitive, the broadcaster has implemented cost-cutting measures which has led to the company announcing that it will not return to its headquarters on London’s South Bank. The British media company will instead sell the site which is valued around £245 million.
Kennedy will start his new role at ITV on 1 February 2019, taking over from Ian Griffiths who is stepping down from the board in December this year and will officially leave the company in March 2019.
‘Chris was the stand out candidate in a very strong short list and the Board are really pleased that he will bring his experience and expertise to ITV,’ Chairman of ITV Sir Peter Bazalgette said.
‘He has a great media background from his 17 years at EMI and he has built on that as a CFO of three FTSE 100 companies.’