Mark Pedowitz told reporters at the TCA press tour that his network is "very pleased, in terms of where [the show is] going creatively".
"We've made no announcements about a second season," he confirmed. "But based on the passion of the fans... we think we have something in this epic love story between Cat (Kristin Kreuk) and Vincent (Jay Ryan)."
Pedowitz acknowledged that ratings for the series are "basically on par" with The Secret Circle - the fantasy drama that was axed by The CW earlier this year following a single season - but appeared confident that Beauty and the Beast would not suffer the same fate.
"I believe this show has more growth potential in it, in terms of its creativity and because we're centered around that love story," he argued.
Beauty and the Beast will premiere in the UK on Watch on Wednesday, January 16 at 9pm. The show received a full first season order from The CW back in November.
> Beauty and the Beast adds Bridget Regan
> Beauty and the Beast exec: 'We always wanted Kristin Kreuk'
Watch a promo for Beauty and the Beast below: