Grade to step down as Chief of ITV

Michael Grade will step down as the chief executive of ITV by the end of this year to become non-executive chairman of the struggling broadcaster.

It’s been announced that Michael Grade will step down as his role of chief executive of ITV by the end of this year but will become non-executive chairman of the struggling broadcaster. Grade had been facing pressure to step down from his role for some time following announcements earlier this year of budget cuts, job losses and studio closures as ITV continues to suffer from a downturn in advertising revenue. Critics of Grade claim he has failed to turn around the fortunes of the company since he took over several years ago and if anything the situation has become worse.

ITV hopes to appoint a new chief executive “as soon as practicable”. Grade wrote in a letter to the remaining ITV employees that he was confident he was handing over to his successor a “vitalised ITV” though not everyone would agree with that. Especially after programming budgets have been cut and several dramas cancelled and the mothballing of some of its studio’s in Leeds.