Hunt for new ITV chief executive moves up a gear

ITV yesterday moved a step closer to appointing a chief executive to succeed Michael Grade, as recruitment agency Russell Reynolds began drawing up a shortlist of candidates.

With shareholders becoming impatient to appoint a leader to take the struggling commercial broadcaster forward, former BSkyB boss and current chairman of German media group Kable Deutchland Tony Ball remains the frontrunner for the role.

“He comes with a very strong reputation, having successfully run a real business of scale,” said Numis media analyst Paul Richards.

Other names tipped to be involved in the selection process include ex-Virgin Media boss Malcolm Wall, BBC Worldwide’s John Smith, Channel 4’s former chief executive Michael Jackson and Lord Carter, the communications minister.

Internal candidates include ITV’s chief operating officer John Cresswell, director of television Peter Fincham and Rupert Howell, the network’s managing director of brand and commercial operations.

Whichever candidate makes the grade, analysts agree his first task will be to launch a rights issue to shore up the debt-ridden broadcaster’s balance sheet. The firm has said the creation of a pay-TV model is a possibility.

But shareholders have given a mixed reaction to Ball’s vow to launch a rights issue should he take the job.

“Shareholders will want ITV to make an announcement within months,” added Richards. “Realistically, it is likely to be late summer to early autumn.”