IT is always fascinating to observe the changing of the guard at the top of Scotland’s listed companies, especially when the firm in question is a household name.

STV has been searching for a new boss since April, when Rob Woodward announced his resignation after ten fruitful years at the helm. Interestingly, Mr Woodward’s departure came as two other plum TV roles became vacant, with Channel 4 and ITV also finding themselves looking for new bosses around the same time.

Simon Pitts, unveiled yesterday’s as Mr Woodward’s successor, had been mentioned in dispatches as a candidate for the jobs at Channel 4 and ITV (as indeed had Mr Woodward), so it looks like quite the coup by STV in securing his services.

What Mr Pitts’ CV lacks in direct experience of the Scottish television market is more than offset by the long sector experience he has amassed at ITV, where he has been berthed since 2000. Mr Pitts’ time at the London-based broadcaster has overlapped that of its former chief executive Adam Crozier, the Scot who stepped down at the end of June (to be replaced in January by EasyJet boss Carolyn McCall). Mr Pitts was credited yesterday by his new employer for contributing to the turned around in ITV’s fortunes which Mr Crozier drove in recent years, reducing its reliance on advertising and boosting revenue from its own productions.

STV itself would appear to be in good financial shape, and is certainly a different animal compared with when Mr Woodward joined. As Mr Woodward noted in April, its balance sheet is strong when once it was weak and its shareholders are enjoying a progressive dividend policy. He also said that STV had established itself firmly “at the heart of Scottish society, which is what we set to do.”

Mr Pitts looks to have the right credentials to take STV. But in replacing Mr Woodward there are some pretty big shoes for him to step into.