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ITV seeks new boss as Grade stands down

ITV is looking for a new boss after announcing today that Michael Grade will step down to become non-executive chairman before the end of the year.

Mr Grade is set to relinquish his role as executive chairman after the end of a series of regulatory reviews in the broadcasting sector.

ITV, which has been battered by an advertising slump, also confirmed it was not planning to make a cash call to shareholders after reviewing options to boost its balance sheet.

The broadcaster said: "Michael Grade has recommended to the board that the conclusion of the regulatory reviews will be the right time for him to relinquish his executive responsibilities and become non-executive chairman, as planned."

It hopes to appoint a new chief executive "as soon as practicable" following the outcome of a major review into ITV's contract rights renewal (CRR), which protects advertisers from ITV abusing its dominant position when it sells airtime.

But an appointment will be made no later than the end of this year, according to ITV.

Mr Grade, who switched from the BBC to take the ITV job in November 2006, has also worked at London Weekend Television and spent more than nine years as chief executive of Channel Four Television.