Former Asda boss Norman to head ITV
FORMER Asda boss Archie Norman has been appointed by ITV to to replace Michael Grade as chairman.
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, each worth almost 60p, in ITV over the next three years.
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.”
Mr Norman, 55, a former Conservative MP, was chosen by a nomination committee headed by former HBOS chief executive Sir James Crosby, a non-executive director of ITV, who today said he will step down from the board once a replacement has been found.
Previously with retail group Kingfisher, he was appointed Asda chief executive in 1991 and grew the business for eight years before its sale to Wal-Mart.
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 and John Cresswell is currently interim chief executive..
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.
