ITV said that Chance had taken the decision after it became "increasingly difficult" for him to "fully participate" in board discussions.
It is thought that ITV's purchase of DTT multiplex operator SDN last year was one of the main complications.
"Over the last five years I have very much enjoyed being a director first of Granada and then of ITV and am particularly pleased with the success of the merger and the growth of ITV's new channels," said Chance in a statement. "I wish the company every success as it continues the development of its new digital and consumer businesses."
