Chaired off

21 October 2003 By Fiona Maharg-Bravo

The Carlton chairman and his board have, as expected, buckled under shareholder pressure. It might have been less embarrassing for everyone if they had caught on sooner.

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Michael Green, chairman of Carlton, has agreed to step down as chairman designate of ITV. Shortly before the noon deadline set by shareholders for his removal, Carlton said it accepted their request for an independent nonexecutive chairman from outside Carlton and Granada to head the merged entity.

However, it added that Green, together with the board of Carlton, remained committed to the completion of the merger and intend to play a full and active role in this process. Green will stay on as Carlton chairman until the merger takes place in early 2004.

Green's resignation came after Granada's directors dropped their support for the Carlton chairman at an emergency board meeting on Monday evening. Granada said it wished to remove the present uncertainty and that shareholders interests will be best served by the appointment of a new chairman from outside the enlarged ITV plc.

The shareholders – led by Fidelity speak for some 33% of Granada and some 36% of Carlton.

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