ITV Chairman to Step Down

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Archie Norman is expected to leave later this year, with CEO Adam Crozier set to stay.

Archie Norman is set to step down as chairman of U.K. broadcaster ITV, The Hollwood Reporter understands.

Sky News first reported the planned departure. ITV on Monday declined to comment.

Norman is looking to leave as soon as later this year, with the ITV board expected to start a search for a replacement soon. ITV CEO Adam Crozier is understood to have no plans to leave his position. He is expected to stay on for at least two years, the Financial Times reported.

Norman came to ITV in 2010 and recruited Crozier, who back then ran Royal Mail. The management team has focused on diversifying revenue beyond advertising, partially by acquiring TV production businesses.

"We do not think it will make much change to strategy or the operational performance," said Liberum Capital analyst Ian Whittaker. "Archie Norman's greatest influence was arguably back in 2010 when he became chairman and effectively set ITV's current strategy. The company now is very much back on track."

He added: "However, it is still interesting as it will raise questions about whether ITV will be acquired — there has been recent speculation on that point and this news is likely to fuel this." The analyst reiterated ITV's stock as his top "buy" in the sector.