Norman from nowhere

18 November 2009 By Una Galani Follow @ugalani

The turnaround maestro has been named chairman of the troubled UK broadcaster. The choice is a surprise, but a happy one. Norman faces a tough job, but investors should take comfort from his record at Asda and Energis and his ties to the Conservative party.

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ITV on November 18 announced the appointment of Archie Norman as non executive chairman, ending a fraught search to fill the position at the ailing broadcaster.

Outgoing chairman Sir Michael Grade pledged in April to seperate his role as executive chairman, held since 2006. The announcement triggered a search for a new chief executive.

However, the broadcaster was forced to prioritise the search for a chairman in September after Grade said he would step down entirely at the end of the year.

Norman is a senior adviser to Lazard and a former Conservative Party chief executive who led Asda prior to the UK retailer's sale to Walmart in 1999.

He will take over from Grade from January, 2010. John Creswell will remain interim chief executive.

ITV shares rose 5% to 55p following the announcement of Norman's appointment.

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