Media
Months of speculation finally reached a conclusion on Tuesday with the official announcement that ITV CEO Charles Allen will leave the network.
Allen, ITV plc's first chief executive, will supervise a transition process that will see finance director John Cresswell take over as interim CEO on October 1. Allen will then advise the network on transitional matters until January 2007.
"My focus now is to support John and the board through the transition process, following which I will move forward to the next chapter of my life and a new set of challenges," said Allen in a statement.
In 1996, Allen became head of Granada. The company proceeded to take-over other key ITV franchise holders including Yorkshire, Tyne-Tees and Meridian. In 2003, Allen was a key architect of the merger between Carlton and Granada - the merger that created ITV plc, of which he was the first chief executive.
Allen will exit the company with a payoff in the region of £3m, consisting of the equivalent of one year's salary and bonus - approximately £2m - and a substantial £1m payment to his pension.
Allen, ITV plc's first chief executive, will supervise a transition process that will see finance director John Cresswell take over as interim CEO on October 1. Allen will then advise the network on transitional matters until January 2007.
"My focus now is to support John and the board through the transition process, following which I will move forward to the next chapter of my life and a new set of challenges," said Allen in a statement.
In 1996, Allen became head of Granada. The company proceeded to take-over other key ITV franchise holders including Yorkshire, Tyne-Tees and Meridian. In 2003, Allen was a key architect of the merger between Carlton and Granada - the merger that created ITV plc, of which he was the first chief executive.
Allen will exit the company with a payoff in the region of £3m, consisting of the equivalent of one year's salary and bonus - approximately £2m - and a substantial £1m payment to his pension.
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