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ITV fell to the bottom of the FTSE 100 on Wednesday morning after the broadcaster announced the departure of its long-serving chief executive.

Adam Crozier, who has led the company for seven years, said he will leave the company in June to “build a portfolio of roles across the PLC and private sectors”.

Shares in the company were down 2.5 per cent at publication time, to 206p. The wider FTSE 100 slipped 0.18 per cent.

The departure of a chief executive also hit shares at Halfords, after Marks & Spencer announced it had poached its boss Jill McDonald to lead efforts to revive its clothing business.

Halfords shares were down 3.3 per cent at publication time, to 362p.

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