Former Tory MP and Asda chief executive to replace Michael Grade at broadcaster. Former Conservative MP and Asda chief executive Archie Norman has been named chairman of ITV – ending the two-month search for a successor to Michael Grade. Norman, 55, who cemented his reputation by transforming Asda in the 1990s, said that the ITV job was one of the few that would tempt him back into corporate life. He said: "It is an irresistible challenge, a great brand, a people business with enormous talent, but facing an imperative for change: the challenge of adapting to compete in a fragmented digital media world." Norman, who will take up the post in January, added that Grade had helped to bring ITV through "the worst advertising recession for decades". He will have a total remuneration package of £300,000 a year. He has been also been allocated 1.2m ITV shares at current prices and will receive 400,000 of these each year for the next three years. The City reacted positively to Norman's
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