Archie Norman Is New ITV Chairman

ITV has announced that Archie Norman has been appointed as the broadcaster's new boss.

Mr Norman, a former Conservative politican and the Asda Chief Executive - who is credited for turning the supermarket chain's fortunes around in the 1990s - will take over the post from Michael Grade, who is stepping down, in January 2010.

Commenting on his new post, 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 complete 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."

Speaking on behalf of the Board, Sir James Crosby, Chairman of the Nominations Committee said: "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."

Mr Norman will be paid an annual salary of £300,000 per year and will be given 1.2 million shares in the broadcaster over the next three years - 400,000 for each year.

Mr Norman will now face the task of appointing a new Chief Executive. John Cresswell will remain in the position of Interim Chief Executive until then.

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

(KMcA/BMcC)