John Smith is to step down from his role as chief executive officer of BBC Worldwide, after eight years at the helm.
Tim Davie (pictured), currently director of BBC Audio & Music, will take over the role of CEO from December 1st.
Under Smith's leadership, the BBC's commercial arm has doubled its revenue, growing profits four-fold, almost tripling margins and returning more than £1.3 billion to the BBC.
Smith, who recently unveiled profits of £155 million in the last financial year, is leaving the BBC to pursue new opportunities in the commercial sector.
George Entwistle, BBC director general, said:"Building on John's success, Tim will now take the BBC's commercial arm into the next chapter of its development."
Davie added: "BBC Worldwide is an outstanding business that plays a unique role in building the BBC's global reputation and it is an honour to be asked to lead it. John's legacy is a company with a strong performance record, leadership in digital and rising international creative exports."
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