ITV PLC (LSE:ITV) has appointed Andrew Coslett to the board to take over as chairman and help drive a digital acceleration.
Currently chair at B&Q owner Kingfisher and former boss of Intercontinental Hotels and chair of the Rugby Football Union, Coslett will join the broadcaster as an independent, non-executive director and chair designate in June, replacing present boardroom leader Sir Peter Bazelgette.
The maker of I’m a Celebrity and Broadchurch said it hoped Coslett will contribute to the group’s digital transformation as it aims to become a streaming giant.
ITV last week lost nearly half of its market value following the announcement of a costly new streaming platform, ITVX, which spooked investors, who seem unconvinced that the UK company could do battle with services from larger US rivals like Netflix Inc (NASDAQ:NFLX) and The Walt Disney Company (NYSE:DIS)’s Disney+.
"The next few years will be exciting for ITV as we launch ITVX and continue to deliver our digital acceleration,” said ITV’s chief executive Carolyn McColl.
“I'm really pleased that Andrew, with his huge wealth of experience, will be with us as chair as we continue to grow and deliver on our ambition."
ITV’s shares rose 0.3% yesterday to close at 83.13p.