ITV names EasyJet's Carolyn McCall as new chief executive

Ivan Schwartz
July 17, 2017

LONDON-The U.K.'s largest commercial TV network ITV PLC (ITV.LN) announced Monday the appointment of easyJet PLC (EZJ.LN) boss Carolyn McCall as its new chief executive, replacing Adam Crozier whose departure was announced earlier this year.

Ms McCall held the top job at easyJet for seven years, helping to grow the group into one of the world's biggest and most competitive low-priced carriers, servicing over 800 routes across 30 countries.

As CEO, McCall will receive an annual salary of £900,000 (US$1.2m) and a pension allowance of 15% of her salary.

Before running EasyJet, Ms McCall was chief executive at the Guardian.

"I am looking forward to getting to know all of the people at ITV and helping it make the most of the fantastic opportunities that it has in the future".

Its chairman, Peter Bazalgette, said: "In a very impressive field of high calibre candidates, Carolyn stood out for her track record in media, experience of an global operation, clear strategic acumen and strong record of delivering value to shareholders".

ITV said her total remuneration opportunity would be "broadly the same" as Crozier, who earned about £27m over his seven years in charge.

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ITV said the pay and bonus package for Dame Carolyn would... "I'm delighted we'll be working together at ITV". "After seven years, the opportunity from ITV felt like the right one to take". "McCall has an understanding of the commercial side of the business, which complements a creative chairman at ITV, and has weathered some tougher times at easyJet while trebling the share price".

EasyJet, which is due to deliver a third-quarter trading update on Thursday, said it has already begun the search for McCall's successor.

As of 08:25 BST, easyJet's share price had lost 0.78 percent to 1,400.00p, underperforming the broader United Kingdom market, with the benchmark FTSE 100 index having climbed into positive territory and now standing 0.41 percent higher at 7,408.50 points.

She worked her way up in the media company after starting as a research planner and became a close ally of former Guardian editor Alan Rusbridger.

However, under the performance share plan McCall will be eligible for 265% of salary, while Crozier was awarded 225%.

In May, ITV said it expected an 8-9% fall in ad revenue in the first half.

Other reports by GizPress

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