Former Asda chief named new ITV chairman
Former Asda chief Archie Norman named new ITV chairman
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Archie Norman, the former chief executive of Asda, has been appointed to take over as chairman of ITV from January next year.
Mr Norman, who was Conservative MP for Tunbridge Wells from 1997 until 2005, joins ITV from private equity firm Aurigo Management.
"There are few opportunities that would have tempted me back into the public company arena, but ITV is definitely one of them," he said in a statement.
"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."
Current chairman Michael Grade, who steps down in January, said he had always been a "great admirer" of Mr Norman.
"He inherits a company that is more popular and efficient that it has been for many years and I know he will build on that legacy," he added.
Mr Norman, who is credited with transforming the fortunes of Asda before its sale to US giant Walmart in 1999, will be paid an annual salary of £300,000 and has been allocated 1.2 million shares in ITV, each worth around 60 pence, over the next three years.