Sir George Russell to leave ITV

ITV deputy chairman Sir George Russell will step down from his position at the end of the year following Archie Norman's appointment as chairman.

Former Tory MP and Asda chief executive Norman was confirmed last month as the man to replace the outgoing Michael Grade at ITV. He will officially start work in the New Year, but has already begun developing relationships with the firm's board and executive management team.

As a vastly experienced industry figure, Russell has served as ITV's deputy chairman since the merger of Carlton and Granada in 2004 to form a single ITV plc. His decision to leave is seen by many as the first major change of Norman's forthcoming regime.

However, the 74-year-old actually informed ITV of his intention to leave the board a long time before the new chairman's appointment.

"I had always made it clear that I wanted to see Michael Grade through his tenure and now that has come to an end it is the right time for me to step down," Russell said.

Grade added: "Sir George has made a huge contribution to ITV plc since its inception in 2004. He was instrumental in seeing the merger through, with the full support of shareholders, and since then has offered invaluable advice on any number of regulatory and broader industry issues. I personally would like to thank him for the support he has offered me during my time at ITV."

In the 1990s, Norman was praised for transforming the fortunes of supermarket chain Asda before selling it on to US retail giant Wal-Mart. Prior to that, he helped establish the Kingfisher group in the 1980s, which now owns B&Q.

Among the biggest tasks facing Norman in January will be to lead the search for a new ITV chief executive, after the process was started back in April.