ITV names Archie Norman as new chairman
ITV has appointed the former Conservative MP Archie Norman to replace Sir Michael Grade as chairman.
Norman, the 55-year-old who is well-known for transforming Asda when he was chief executive of the supermarket chain in the 1990s, will take up the post after Christmas.
“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,” he said.
Norman will have a total remuneration package of £300,000 a year. He has also been allocated 1.2 million ITV shares at current prices and will receive 400,000 of these each year for the next three years.
One of his first responsibilities at ITV will be to take on the search for a new chief executive. John Cresswell, ITV’s chief operating officer, will step in as interim chief executive but plans to step down altogether once the role is filled.
Norman said that the company’s seven-month search for a new chief executive had been conducted “in the public gaze for far too long” and that he would restart the process with a more behind-closed-doors approach.
ITV also announced today that Sir James Crosby, the company’s senior independent director – who has been in charge of leading the search for a new chief executive and chairman – will stand down from the board when a successor is appointed.
Speaking about the outgoing chairman, Norman said he thought Grade had helped to bring ITV through “the worst advertising recession for decades”.
Grade also spoke highly of Norman, saying he was “delighted with the choice. “He inherits a company that is more popular and efficient than it has been for many years and I know he will build on that legacy,” Grade said.
Crosby added: “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.”
ITV’s shares were up by 4.7% in early trading today to 54.4p after ITV’s announcement.