Granada has announced the appointment of James Crosby, chief executive of respected bank HBOS, as a non-executive director.
Crosby, who is also a non-executive director at St James’s Place Capital, has had a long and distinguished career in the financial services sector and it is believed that he is being brought to the board to improve the company’s credibility in the City.
Granada’s share price has suffered from the collapse of ITV Digital as well as declining advertising revenues and it is hoped that the group’s proposed merger with Carlton will provide the stock with some upside.
Crosby will work alongside Charles Allen, executive chairman of Granada, on driving through the merger. Allen commented: “James is a very well respected and experienced executive and the Board will benefit from his knowledge, skill and experience. We are looking forward to working with him.”
Crosby added: “I look forward to joining the Board of Granada and helping them advance their commercial objectives, including the merger with Carlton.”
Earlier today, Granada unveiled full-year losses of £164 million, but remained upbeat over the future prospects for a united ITV (see Granada Unbowed Despite Fall In Profits).
