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Archie Norman to be ITV chairman Archie Norman to be ITV chairman
(10 minutes later)
ITV has ended its months-long search for a new head by appointing former Asda chief executive Archie Norman as chairman from January next year. 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.Mr Norman is credited with turning around Asda in the 1990s, before its sale to US retailing giant Wal-Mart.
A number of high-profile candidates have been linked with the job in recent months, including Sir Crispin Davis, former head of publisher Reed Elsevier. He will be paid an annual salary of £300,000, and will be given 1.2 million shares, each worth almost 60 pence, in ITV during the next three years.
Current chairman Michael Grade will step down from ITV in January. Candidates linked with the vacancy in the past months include Sir Crispin Davis, who led publisher Reed Elsevier.
"There are few opportunities that would have tempted me back into the public company arena, but ITV is definitely one of them," Mr Norman said. 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." "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."
New appointments 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 CrosbyNomination committee chairman
Mr Norman is a former Conservative MP who helped to build up Kingfisher, which owns DIY chain B&Q, in the 1980s. 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.He was appointed Asda chief executive in 1991 and grew the business for eight years before its sale to Wal-Mart.
He will be paid an annual salary of £300,000, and will be given 1.2 million shares, each worth almost 60 pence, in ITV over the next three years.
"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."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.""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 has been found. 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.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.ITV has been looking for a new chief executive since since April.
In September, talks with Tony Ball, the former boss of Sky, about taking on the role broke down. 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.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.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.