ITV mulls new chief
ITV’s board is today due to discuss the candidates short-listed to replace Michael Grade as chief executive, with some analysts expecting an announcement at its interim results on Thursday.
HMV chief executive Simon Fox was last week the City’s new favourite to step into Grade’s shoes when he steps down at the end of the year to become non-executive chairman.
But a raft of high-calibre candidates are understood to have been approached by ITV’s executive headhunter Russell Reynolds, including Pascal Cagni, head of Apple’s Europe, Middle East and Asia operations, Guillaume de Posch, the former chief executive and chairman of German broadcaster ProSiebenSat. 1 and John Creswell, currently ITV’s chief operating officer.
Tony Ball, the former chief executive of BSkyB, was thought to be a frontrunner, but reports of shareholder disagreement over his nomination – and Ball’s decision to join the board at BT – have left many in doubt that he remains in the running.
Whoever steps into the frame at ITV, they will have a tough job on their hands. The struggling broadcaster is expected to reveal further falls in its advertising revenue at its interim results, and analysts are forecasting a loss of between £10m to £26m, compared to a profit of £74m last year.
Some media analysts also expect the firm to reveal its pension deficit has almost tripled, from £178m at the end of 2008 to around £500m.