ITV finally chooses chairman

ITV chairman search

It was only the other day that rumours were flying around that Bob Wigley, the prominent City financier had emerged as a leading successor to Michael Grade, yet someone entirely different has been named the new chairman.

The man that ITV has been appointed for the job is Archie Norman, the former chief executive of Asda. He will take the reins in January, where one of his first tasks will be appointing a new chief executive, which ITV have been hunting for since April.

It is Norman who is credited with turning around Asda in the 1990s, before it was sold to US retailing giant Wal-Mart, according to the BBC report. The former Conservative MP also helped build up Kingfisher, which owns DIY chain B&Q, in the 1980s.

Norman will be paid an annual salary of GBP£300,000, and will be given 1.2 million shares in ITV during the next three years - 400,000 each year.

Appointment

Norman said, "There are few opportunities that would have tempted me back into the public company arena, but ITV is definitely one of them.

"It is an irresistible challenge, a great brand, a people business with enormous talent, but facing an imperative for change - the challenge of adapting to compete in a fragmented digital media world."

"We are delighted that Archie is to become the next chairman of ITV," said Sir James Crosby, chairman of the nomination committee and spokesman for the board.

"He has an outstanding track record in business and we believe that his extensive experience of both business and public life will be of significant benefit to ITV in the years ahead."

Sir James also announced his intention to resign from the board once a replacement had been found.

In a statement, the outgoing Grade said, "I have always been a great admirer of Archie and am delighted to be handing over the reins to him. He inherits a company that is more popular and efficient that it has been for many years and I know he will build on that legacy."

ITV will be hoping that Norman's legacy of turning companies round and building them up will come with him in his new position, as the broadcaster has been struggling during the recession as the revenues for the first nine months of 2009 were down 11 percent on the same period of 2008 toGBP£1.31 billion.

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