ITV: Three candidates emerge to replace Norman

Three contenders have emerged to replace ITV (LON:ITV) chairman Archie Norman, who is widely expected to quit after six years with the commercial broadcaster. The internal candidates are Sir Peter Bazalgette, co-founder of Endemol, the company behind Big Brother and former EMI boss Roger Faxon. Bazalgette last week announced his plans to step down from the Arts Council England in 2017, which could free him to take a fuller role at ITV. Sir Philip Hampton, current chair of GlaxoSmithKline who held the same role at state-owned Royal Bank of Scotland, has been tipped as a possible external candidate. Norman’s departure, meanwhile, could reignite speculation that ITV are looking to sell. Last month Comcast denied rumours that they had made a takeover bid. Andy Haste, former RSA chief and ITV’s senior independent director, will be heading the search for Norman’s successor. The former Tory MP was brought in to rescue the broadcaster in January 2010 as it struggled under the weight of its debts and fought a rearguard against online competition for advertising revenues. Norman made his name at ASDA, where, with help of Allan Leighton, he revived the fortunes of the supermarket group before it was sold to American giant Wal-Mart. He achieved a significant turnaround with ITV by tightening operational management. Controversially, one of Norman’s first moves was to appoint then Royal Mail boss, Adam Crozier, as chief executive. Under their stewardship, ITV shares quadrupled in value as the broadcaster invested heavily in content acquisition. Continuing in that vein, the company recently purchased production companies Mammoth Screen and Talpa - the companies behind, respectively, Poldark and the Voice. Norman’s resignation comes at a pivotal time for British broadcasting as this year sees the BBC Charter Review and the possible privatisation of Channel 4. But Roddy Davidson, analyst at City broker Shore Capital, is unperturbed by the change at the top of ITV. “We see no reason why Norman’s departure (if he is going) should detract from the positive investment case and momentum,” he said. City opinion is split on whether Crozier will remain or follow Norman out the door. ITV declined to comment on when a formal announcement would be made on Norman’s departure.