Page last updated at 17:44 GMT, Wednesday, 18 November 2009

Archie Norman to be ITV chairman

Archie Norman
One of Mr Norman's first tasks will be to find a new chief executive for ITV

ITV has appointed former Asda chief executive Archie Norman to replace Michael Grade as chairman in January.

Mr Norman is credited with turning around Asda in the 1990s, before its sale to US retailing giant Wal-Mart.

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

Candidates linked with the vacancy in the past months include Sir Crispin Davis, who led publisher Reed Elsevier.

Shares in ITV were up as much as 5% during the day, closing up 3%, or 1.8 pence, to 53.75p.

Mr 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."

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
Sir James Crosby
Nomination committee chairman

The former Conservative MP helped build up Kingfisher, which owns DIY chain B&Q, in the 1980s.

He was appointed Asda chief executive in 1991 and grew the business for eight years before its sale to Wal-Mart.

"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.

One of the first tasks Mr Norman will face will be to find a new chief executive for the broadcaster.

ITV has been looking for a new chief executive since since April.

Talks with Tony Ball, the former boss of Sky, about taking on the role broke down in September.

The broadcaster has been struggling during the downturn as advertisers cut back on spending.

Earlier this month, it said revenue for the first nine months of the year came in at £1.31bn, down 11% on the same period in 2008, while last month it said it was looking to raise £120m to reduce its debts by selling bonds.



Print Sponsor


SEE ALSO
Norman's 'irresistible' ITV challenge
18 Nov 09 |  Business
ITV predicts advertising upturn
05 Nov 09 |  Business
Double blow to ITV chairman hunt
12 Oct 09 |  Business
Tony Ball and ITV end job talks
25 Sep 09 |  Business
ITV 'needs more funding' for news
22 Sep 09 |  Business
ITV shares fall after ad ruling
15 Sep 09 |  Business
Grade to step down as ITV chief
23 Apr 09 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2013 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific