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| ITV closes in on naming easyJet's Carolyn McCall as CEO | ITV closes in on naming easyJet's Carolyn McCall as CEO |
| (25 days later) | |
| ITV is closing in on naming Carolyn McCall as its new chief executive after it emerged that the man many considered her main rival is out of the race. | ITV is closing in on naming Carolyn McCall as its new chief executive after it emerged that the man many considered her main rival is out of the race. |
| McCall, who has been chief executive of easyJet for seven years, is understood to be ITV’s preferred choice to take over from Adam Crozier, who left the company at the end of June. | McCall, who has been chief executive of easyJet for seven years, is understood to be ITV’s preferred choice to take over from Adam Crozier, who left the company at the end of June. |
| Two sources believe that McCall has finally accepted the role after weeks of negotiations as it emerged that Paul Geddes, the chief of Direct Line and a Channel 4 board member, who was an early favourite, is out of the process. | Two sources believe that McCall has finally accepted the role after weeks of negotiations as it emerged that Paul Geddes, the chief of Direct Line and a Channel 4 board member, who was an early favourite, is out of the process. |
| It is thought that the three-person shortlist also included Sebastian James, the chief executive of Dixons Carphone. | It is thought that the three-person shortlist also included Sebastian James, the chief executive of Dixons Carphone. |
| It is not known if James is still involved in the process but numerous sources believe McCall is poised to be declared the chief of the UK’s biggest free-to-air commercial broadcaster. | It is not known if James is still involved in the process but numerous sources believe McCall is poised to be declared the chief of the UK’s biggest free-to-air commercial broadcaster. |
| However, it is understood that ITV has been locked in tricky negotiations to persuade McCall to take the role, with her remuneration package thought to be a major sticking point. | However, it is understood that ITV has been locked in tricky negotiations to persuade McCall to take the role, with her remuneration package thought to be a major sticking point. |
| She has made £30m from easyJet since she joined in July 2010, according to figures for the end of the last financial year. Sources say she has been seeking more than Crozier, who made £27m from his appointment in April 2010 until the end of last year. | She has made £30m from easyJet since she joined in July 2010, according to figures for the end of the last financial year. Sources say she has been seeking more than Crozier, who made £27m from his appointment in April 2010 until the end of last year. |
| McCall has about £5m worth of unvested performance share awards, at easyJet’s current share price, that she would have to give up upon resigning and which will have formed part of her negotiations with ITV. | McCall has about £5m worth of unvested performance share awards, at easyJet’s current share price, that she would have to give up upon resigning and which will have formed part of her negotiations with ITV. |
| It appears that a deal is all but done with the successful candidate understood to have held “chemistry meetings” with members of the board beyond those directly involved in the recruitment process. | It appears that a deal is all but done with the successful candidate understood to have held “chemistry meetings” with members of the board beyond those directly involved in the recruitment process. |
| The ITV chairman, Sir Peter Bazalgette, the former creative chief and chairman of the Big Brother maker Endemol, is understood to be keen to announce the new chief executive before the broadcaster’s interim results on 26 July. | The ITV chairman, Sir Peter Bazalgette, the former creative chief and chairman of the Big Brother maker Endemol, is understood to be keen to announce the new chief executive before the broadcaster’s interim results on 26 July. |
| ITV is facing commercial headwinds including tough advertising conditions set to be highlighted when it reports its interim financial results. | ITV is facing commercial headwinds including tough advertising conditions set to be highlighted when it reports its interim financial results. |
| If McCall emerges as the new chief executive of ITV, which is 25% bigger than easyJet by market capitalisation at £7bn, she will become Britain’s most powerful female TV executive. | If McCall emerges as the new chief executive of ITV, which is 25% bigger than easyJet by market capitalisation at £7bn, she will become Britain’s most powerful female TV executive. |
| She was previously the chief executive of Guardian Media Group, the owner of the Guardian and Observer newspapers, and comes with a strong background in media sales. She came up through the commercial ranks at the Guardian after joining in 1986. | She was previously the chief executive of Guardian Media Group, the owner of the Guardian and Observer newspapers, and comes with a strong background in media sales. She came up through the commercial ranks at the Guardian after joining in 1986. |
| Bazalgette, who took over last year from Archie Norman, who is to start as Marks & Spencer’s new chairman in September, has been keen to appoint a heavyweight executive with strong experience at a listed company. Bazalgette had no experience chairing, or running, a public company. | Bazalgette, who took over last year from Archie Norman, who is to start as Marks & Spencer’s new chairman in September, has been keen to appoint a heavyweight executive with strong experience at a listed company. Bazalgette had no experience chairing, or running, a public company. |