Merged ITV Set To Appoint New Chairman Next Month
The newly merged ITV company is understood to be on course to appoint a new chairman next month after narrowing its shortlist of candidates to three or four key figures.
Reports suggest that Sir Christopher Gent, the former chief executive of Vodafone, did not make the final shortlist for the post left vacant after Carlton boss, Michael Green, was ousted by dissident shareholders last year (see Green Relinquishes Roles As ITV Chairman Designate).
It has also emerged that John Nelson, the former banker, withdrew himself from the running before Christmas, despite being seen by some non-executives and investors as an ideal candidate.
It is understood that the company, which made its debut of the stock exchange yesterday, has been keen to avoid candidates heavily involved in politics because of the regulatory and political lobbying tasks that are currently high on ITV’s agenda.
This could make it difficult for Greg Dyke, who was forced to resign as BBC director general last week, to emerge as a late candidate, despite wide-spread speculation that he would be ideal for the role (see Entire BBC Board Of Governors Came Close To Quitting).
ITV chief executive, Charles Allen, told Radio 4’s Today programme: “There may be an opportunity for Greg. However, I think they are looking for a senior business figure who has performed and developed a relationship as an experienced chairman in the city.”
Shareholders are understood to be relaxed with the vacancy at ITV’s helm. The new company, which is worth almost £6 billion, saw shares close at 148p yesterday, after opening at just 141p.
The completion of the merger represents something of a fresh start for ITV. Regulatory changes under the Government’s recently passed Communications Act have allowed the broadcaster to create a leaner structure, with lower costs and a more focused approach.
It is expected that the merged ITV company will benefit from cost savings of around £100 million. Some analysts predict this figure could be even higher and Merrill Lynch believes that even greater synergies could be found if it were to buy up the remaining five ITV licensees (see ITV Enters New Phase With Merger Completion).
ITV: 020 7843 8000 www.itv.com
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