STV’s Chief Executive Officer Simon Pitts to depart company

Simon Pitts, Chief Executive Officer, to step down over next 12 months…

STV Group plc, the parent company of STV Studios and STV Broadcasting today 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 early 2025.

Simon Pitts:

“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.”

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. STV stay that their Board has commenced a process to appoint a successor and a further update will be issued in due course.

Paul Reynolds, Chairman, STV Group:

“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.”

Also today STV Group plc announced its Full Year Results for 2023. The report showed that an adjusted group operating profit of £20.1m. This was down 22%, impacted by linear advertising revenue and cost inflation and related to broader UK macro uncertainty, as expected. The company had a strong on-screen performance, with STV Player streams + 28% and STV the most-watched peak-time TV channel in Scotland for the 5th year in a row.

Advertising outlook was noted to be improving with total advertising revenue expected to be up around 5% in the first part of the year while the production company and Scottish broadcaster revealed a three-year batch of targets set to drive STV’s profitable growth. Next-phase plan announced to drive STV’s profitable growth; strategic objectives will focus on four key areas:

CONTENT: Accelerate UK and international Studios growth, AUDIENCE: Drive streaming growth and maximise total STV viewing, MONETISATION: Maintain advertising leadership and grow new revenues and ORGANISATION: Modernise and simplify business for digital-first world.