All change at GCap as Bernard steps down.

Managing director Fru Hazlitt likely to step into CEO's shoes after Ralph Bernard's 25-year spell at the UK's leading commercial radio group ends

Analysts are tipping GCap managing director Fru Hazlitt as the favourite to succeed the company's chief executive Ralph Bernard, who announced that he is to step down after a quarter of a century at the helm of the UK's biggest commercial radio group.

The announcement came as GCap reported its interim results, which saw underlying pre-tax profit drop 3.4% from #5.8m to #5.6m year-on-year, while revenue rose 4.5% to #100m.

Bernard will remain the chief executive of GCap until a replacement is found and will become chairman of Classic FM and the commercial digital multiplex Digital One group.

Bernard says that the time is right for him to step down, after having been at the heart of commercial radio's growth for 25 years, adding, "This is a pivotal time in the industry. Further consolidation is likely, new entrants are coming to the market and a host of opportunities are opening up on other platforms."

According to analysts, Fru Hazlitt is the most likely successor to Bernard, despite the managing director dismissing speculation that she would be applying for the job, saying it was premature to announce her intentions.

Charles Stanley Securities media analyst Paul Bates says he thought Capital FM managing director Paul Jackson and GCap group operations director Steve Orchard would most likely be joining Hazlitt as internal candidates for the chief executive position, but says Hazlitt is the clear favourite.