[Scarlett.]

British commercial broadcaster ITV is looking for a new chief executive officer to replace Michael Grade, who will step down by the end of the year.

“Grade has recommended to the board that the conclusion of the regulatory reviews will be the right time for him to relinquish his executive responsibilities and become non- executive chairman, as planned,” the London-based broadcaster said in a statement today.

ITV’s board has started the search for the next CEO, the company said. ITV also said it has adequate liquidity and has no plans for a rights offer.

Mr Grade, who started in January 2007, has invested in programming and Internet products to fend off competition.

ITV, whose shows include Coronation Street and X Factor, said the new CEO will be appointed “as soon as practicable following the outcome of the CRR regulatory review process and, in any event, no later than the end of 2009”.

The UK’s Office of Fair Trading and media regulator Ofcom in January started the review of ITV’s so-called Contract Rights Renewal mechanism.

Mr Grade has called for changes in the CRR mechanism, under which ITV can only raise ad pricing at its ITV1 station in line with audience ratings.

Mr Grade said CRR has made the broadcaster risk-averse as each new program has to be an instant hit to ensure ratings remain high.

ITV shares fell 3.1 per cent to 31 pence at 8.53am in London trading.

ITV also said today that “operational progress is being maintained” as the company agreed to terms to take an additional £58 million ($84.4 million) in covenant-free financing.

Irish Tomes

[arista]

He is changing to a Non Executive role
they knew he could not stay as CEO and Chairman.
So he ain't leaving ITV at all.


http://www.guardian.co.uk/media/2009...hief-executive

ITV is to begin the search for a new chief executive, with Michael Grade relinquishing this responsibility and staying on at the company solely as chairman a year earlier than planned.



He is staying at ITV



Chewy you need to use the Guardian Media site
for proper updates on all TV and Radio.