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Grade to step down as ITV chief | Grade to step down as ITV chief |
(about 1 hour later) | |
Michael Grade is to step down as chief executive of ITV by the end of 2009 to become non-executive chairman. | Michael Grade is to step down as chief executive of ITV by the end of 2009 to become non-executive chairman. |
Mr Grade said he would leave the executive role at the conclusion of regulatory reviews into advertising contract rights and digital television. | |
He said the outcome of the reviews would lead to major strategic decisions for ITV, which a new boss should make. | |
In a letter to employees, Mr Grade said he was confident of handing his successor a "revitalised ITV". | |
ITV said it hopes to appoint a new boss "as soon as practicable". | ITV said it hopes to appoint a new boss "as soon as practicable". |
Dual role | |
Mr Grade left his role as chairman of the BBC to join ITV in November 2006. | |
He took on both jobs of chief executive and and chairman, after chief executive Charles Allen left the company in August 2006. | |
His original intention was to relinquish his executive responsibilities by the end of 2009. | |
In February last year, at the request of the board, he agreed to extend his term as executive chairman until the end of 2010. | |
However, he now says ITV is in a better position. | |
"In February 2008... the new executive team had just been put in place, there was much uncertainty around the regulatory process and therefore continuity was paramount," he said in his letter. | |
"Just over a year on, the team is firmly in place and performing so well." | |
Further initiatives | |
ITV, which has been hit hard by an advertising slump, also said it was taking measures to improve the strength of its balance sheet. | ITV, which has been hit hard by an advertising slump, also said it was taking measures to improve the strength of its balance sheet. |
It is going to sell its SDN business, which leases space on Freeview, and said it had agreed terms for financing to raise a further £58m. | It is going to sell its SDN business, which leases space on Freeview, and said it had agreed terms for financing to raise a further £58m. |
Shares in ITV were down 3.9% in early trading. | |
It added that it had no current plans to sell shares to investors in a rights issue despite speculation to the contrary. | It added that it had no current plans to sell shares to investors in a rights issue despite speculation to the contrary. |
In March ITV reported a loss of £2.7bn for 2008 after a huge write-down in the value of its assets, and said it was cutting 200 jobs across its businesses. | In March ITV reported a loss of £2.7bn for 2008 after a huge write-down in the value of its assets, and said it was cutting 200 jobs across its businesses. |