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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".
In a letter to employees, Mr Grade said he was confident of handing his successor a "revitalised ITV, both on and off screen". 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.
Mr Grade left his role as chairman of the BBC to join ITV in November 2006.
He had previously been chief executive at Channel 4 for more than nine years.