ITV has appointed Archie Norman as its new chairman. The UK free-to-air broadcaster has spent seven months finding a successor to outgoing chairman Michael Grade and is still looking for a CEO.
Norman is a former Conservative party Member of Parliament and built his reputation as a businessman by rejuvenating the fortunes of supermarket chain Asda in the 1990s before it was sold to Wal-Mart. Norman will receive a Â£300,000 (338,000) salary and 1.2 million ITV shares over three years.
Separately, ITVÂs content arm, ITV Studios, is rumoured to be in line for an overhaul with the entertainment and factual entertainment arms tipped to be combined with an unspecified number of job losses.