ITV is kicking off a search for a new chairman as Sir Peter Bazalgette prepares to stage down next yr after pretty much a 10 years on the broadcaster’s board.
Sky News has learnt that ITV‘s nominations committee, led by the former Jupiter Fund Management boss Edward Bonham Carter, has appointed Spencer Stuart to oversee the search.
Sir Peter, who has chaired the commercial television group since 2016, is not anticipated to leave right until his phrase expires in Could 2022.
In complete, he will have served for nine yrs on ITV’s board, possessing been a non-government director for 3 decades prior to changing Archie Norman.
Sir Peter, a former chief innovative officer at the Television set manufacturing business Endemol, is a respected figure both equally at ITV and in the broader broadcasting sector.
A number of the firm’s major shareholders are reported to be upset that he has successfully been “timed out” by the company governance code, which stipulates that chairs are no longer considered independent after nine many years in overall on a outlined firm’s board.
His successor as chair will inherit a firm that, like quite a few others, is grappling with swift adjustments convulsing the media landscape.
ITV’s inventory cost has been strike by the coronavirus pandemic, with the firm’s main executive, Dame Carolyn McCall, revealing final summer that promotion profits had been strike by the sharpest fall in its historical past.
During the final 12 months, shares in ITV have fallen by nearly a quarter, supplying the company a market place benefit of £4.37bn.
ITV declined to comment on the research for a new chairman.