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ITV announces appointment of Chris Kennedy as Chief Financial Officer

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ITV announces appointment of Chris Kennedy as Chief Financial Officer

 

ITV plc is pleased to announce the appointment of Chris Kennedy, currently CFO of Microfocus International plc, as CFO.  Chris is expected to join ITV on 1 February 2019.

 

Sir Peter Bazalgette, Chairman of ITV, said:

 

“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.  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.”

 

Carolyn McCall, CEO of ITV, said:

 

“I am really pleased to be working with Chris again as CFO.  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.”  

 

Chris Kennedy commented:

 

“This is an exciting time to be joining ITV.  I’m looking forward to working with the team to execute the strategy and deliver value for shareholders.”

 

Chris is currently CFO of Microfocus the software business where he was brought in to bed in and drive value from the merger with Hewlett Packard’s software business which tripled the size of the business and took it into the FTSE 50.  Prior to that he was CFO at Arm Holdings where he was a key player in £24 billion, 60+ p/e sale of Arm to SoftBank.

 

Before that Chris was CFO at easyJet plc from 2010 to 2015 during which time the share price quadrupled, dividend payments were introduced and the company joined the FTSE100. For his achievements during this period Chris was voted FTSE 100 CFO in 2015. 

 

Chris spent 17 years at EMI in a variety of roles principally financial but including supply chain, sales, business development and general management. His last role was as Chief Investment Officer reporting to the CEO and new owner Terra Firma and included investment and content licensing deals including those with new digital players.  

 

Chris is currently a non-executive director of Whitbread plc. 

 

Chris will succeed Ian Griffiths following the announcement on 28 June 2018 of Ian’s intention to retire from ITV. Ian will be supporting a handover to Chris and will step down from the Board in December 2018 and formally leave ITV at the end of March 2019.

 

Note to Editors

 

1.     As Group CFO of ITV, Chris will receive an annual salary of £660,000 and a pension allowance of 9% of salary. He will also be able to participate in the Company’s existing annual bonus plan up to a maximum of 165% of salary, and the long-term incentive plan up to 225% of salary. This provides broadly the same remuneration opportunity as to ITV’s previous CFO, inclusive of the potential 2019 annual salary review. Chris will also receive awards to compensate for remuneration arrangements forfeited on leaving his previous employer. All remuneration arrangements are consistent with the terms of the Directors’ Remuneration Policy approved by shareholders at the AGM in May 2017.

 

2.     ITV confirms that no further disclosure is required under Listing Rule 9.6.13.