BROADCASTER STV has revealed that Rob Woodward is to step down as chief executive, after leading the company for 10 years.

It said Mr Woodward would stand down from his position and from the board within 12 months.

It added that STV’s nomination committee would begin a process to identify a successor.

STV shares were down 2p at 378p in morning trading.

STV chairman Margaret Ford said: “The board is indebted to Rob for his exceptional contribution to the turnaround of the group and his commitment and passion in driving positive growth over the past ten years. 

“He has built a strong legacy. With a first class leadership team and staff and highly engaged board in place the company is well positioned to realise its future growth potential and continue to deliver to shareholders.”

Mr Woodward said: “As I confirm my decision to pursue fresh challenges after leading the company for the past ten years, I am passionate about STV and its prospects to continue to deliver sustainable profitable growth for our shareholders.”