ITV confirm new chairman.

“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. Thanks to Michael Grade’s remarkable work the company has come through the worst advertising recession for decades and now has a strong platform to embrace that challenge.” – Archie Norman

After speculation yesterday that former ASDA boss Archie Norman was the front-runner to replace Michael Grade as chairman of ITV the broadcaster has today confirmed that Norman WILL indeed be Grade’s replacement. Norman’s appointment follows an exhaustive search with many names being tipped for the post.

The Board of ITV plc is pleased to announce the appointment of Archie Norman as Non Executive Chairman. He will take up the role in January 2010, at which time Michael Grade, Executive Chairman, will stand down from the company and John Cresswell will become Interim Chief Executive.

“We are delighted that Archie is to become the next Chairman of ITV. 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. As a Board we would like to thank Michael Grade for his significant contribution to ITV over the past three years and wish him well for the future.” – Sir James Crosby, Chairman of the Nomination Committee, on behalf of the Board.

Sir James Crosby is also ITV’s Senior Independent Director. He has today announced his intention to resign from the Board. He will stand down on the appointment of a successor to this role.

“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.” – Michael Grade, Executive Chairman

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