In an unexpected move, ITV has turned to the tech sector to appoint its new Chief Financial Officer (CFO).
Chris Kennedy, previously with Microfocus International, will bring his extensive expertise to ITV starting February 2019, aiming to bolster the broadcaster’s financial strategy.
Chris Kennedy’s Extensive Background in the Tech Industry
Chris Kennedy’s appointment as CFO marks ITV’s strategic shift towards leveraging technological expertise to enhance its financial operations. As a seasoned financial executive, Kennedy has been instrumental in major corporate transformations. At Microfocus International, he was pivotal in integrating Hewlett Packard’s software business, an endeavour that propelled the company into the FTSE 50 rankings and tripled its size.
Kennedy’s proven track record in handling significant mergers and acquisitions is complemented by his tenure at Arm Holdings. He played a critical role in the high-profile £24 billion sale of Arm to SoftBank, underscoring his capability in navigating complex financial landscapes. This background is expected to significantly benefit ITV’s evolving business strategy.
A Return to Media Roots with a Fresh Perspective
Kennedy’s connection to the media industry is well-established, having spent 17 years at EMI in various roles. His experience there encompassed financial management, alongside responsibilities in supply chain, sales, and business development. Such a diverse portfolio positions him well to understand ITV’s needs and contribute to its growth.
In a time where media companies are increasingly intersecting with technology, Kennedy’s insight into both fields offers a dual advantage. His prior achievements and familiarity with media operations make him a compelling choice for this role.
Leadership and Strategic Vision
ITV’s board has expressed confidence in Kennedy’s leadership capabilities. Sir Peter Bazalgette, ITV’s chairman, emphasised that Kennedy stood out among a strong shortlist of candidates. This appointment reflects ITV’s forward-thinking approach in seeking leaders who can drive substantial growth.
CEO Carolyn McCall also shares enthusiasm for Kennedy’s return. Their prior collaboration suggests a strong alignment in executing ITV’s ‘More Than TV’ strategy, which is central to the company’s future direction. Kennedy’s leadership is expected to be instrumental in realising this vision.
Previously at EasyJet: A Record of Financial Success
During his tenure as CFO at easyJet from 2010 to 2015, Kennedy significantly improved the company’s financial standing. Under his financial stewardship, the airline’s share price quadrupled and it became part of the FTSE 100, marking a period of sustained financial growth.
Kennedy’s successful initiatives at easyJet included the introduction of dividend payments, a strategic move that enhanced shareholder value. His experience in achieving profitability in challenging sectors will be beneficial as ITV navigates a competitive media landscape.
Transition and Future Prospects
Chris Kennedy is set to join ITV following Ian Griffiths’ retirement, effective March 2019. This transition marks a new chapter for ITV, as Kennedy is expected to further the company’s financial objectives and enhance shareholder value.
Kennedy’s current role as a non-executive director at Whitbread indicates his ongoing engagement with diverse business environments. His broad perspective and adaptability will be assets as he steps into the CFO role at ITV.
Kennedy’s Vision for ITV’s Future
Expressing excitement about his new role, Kennedy is keen to leverage his expertise to execute ITV’s strategy and boost shareholder returns. His leadership approach focuses on strategic value creation, aligning with ITV’s vision of innovation and content excellence.
Kennedy’s forward-looking perspective promises to bring fresh energy to ITV’s initiatives. He is expected to collaborate closely with ITV’s senior leadership to implement and refine strategic plans that enhance competitive positioning in the media industry.
Chris Kennedy’s appointment as CFO marks a pivotal step in ITV’s strategic evolution. With his rich experience in tech and media, Kennedy is poised to contribute significantly to ITV’s financial stability and growth.
His leadership journey at companies like easyJet and Microfocus speaks volumes about his capability to drive financial success in varied sectors. ITV anticipates leveraging this expertise to solidify its market position.