Grade to step down as ITV chief executive

ITV executive chairman Michael Grade will drop his responsibilities as chief executive and become the broadcaster's non-executive chairman by the end of the year.

In an announcement to the London Stock Exchange this morning, ITV said that Grade planned to see the company through "important regulatory decisions", such as the reformation of its contract rights renewal obligations, and that a search for a new chief executive would now commence.

"In the light of the regulatory timetable now expected, Michael 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 broadcaster's board said in a statement. "The Board has agreed with this recommendation and accordingly will now commence a formal search for the next CEO.

"It is intended that a 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."

Grade was appointed ITV's executive chairman in November 2006, and took up the position two months later. Today's announcement is in line with a plan for him to move to a non-executive role within a three year time horizon.