Is Lord Hollick lining up to take over at troubled ITV?

Speculation grew over the weekend that high-profile media figure Lord Hollick is preparing to take the reins at ITV after reducing his role from partner to advisor at US private equity company Kohlberg Kravis & Roberts.

Hollick was previously chief executive at United Business Media, former owner of the Daily Express, and ran ITV franchises in the past. He was also thought to have considered a bid for ITV through KKR, in 2006.

Sources close to ITV were thought to have dismissed the rumours, however, suggesting that a younger figure may be preferable. Other potential chief executives thought to be in the frame are Greg Dyke, the former BBC boss, Tony Ball who previously headed BSkyB and communications minister Lord Carter.

However there is also speculation that the successful candidate will not need to have previous media experience.

Big ITV shareholders have been in talks with the company over the weekend to hammer out a timetable for Grade’s replacement, with some suggesting he should be replaced well before his planned departure at the year end. There are also growing calls for him to quit as chairman as soon as a new chief executive is appointed.

WHAT THEY ARE SAYING
Peter Montagnon, director of investment affairs at the Association of British Insurers, the Guardian: "The company faces big strategic challenges. Some new blood and a more conventional structure appears to be a step in the right direction. Splitting roles is also a good start but some shareholders may have questions about the long-term composition of the board."

Lex, FT: "ITV’s decision to bring fresh blood into its boardroom is long overdue. Shame the UK broadcaster is making such a hash of it. Michael Grade, executive chairman, is to step down as chief executive by the end of the year, earlier than planned, but will linger on as non-executive chairman. It is hard to see why. ITV faces big strategic decisions, among them whether to launch a rescue rights issue and undertake important asset sales. It is imperative that the incoming chief executive has the authority to make hard choices without being undermined or second-guessed by Mr Grade, a hands-on chairman if ever there was one." ·