Charles Allen, chief executive of UK television giant ITV, will be searching for a new job before the summer is out, according to a source close to one of the broadcaster's major shareholders.
Newspaper reports suggest at least one investor is plotting to overthrow Allen in the next few months, despite insistences from ITV that it is on good terms with its shareholders.
"He will go in July -- of that I am certain," declared the anonymous insider.
A shareholder rebellion in October forced Michael Green to abandon hopes of becoming ITV chairman [WAMN: 23-Oct-03] -- and investors were apparently gunning for Allen at the same time. "They wanted to get rid of Green and Allen at the same meeting," the mystery informant confided.
The grudge against the two men dates back to when they headed Granada and Carlton Communications, the two firms that merged earlier this year to form ITV plc. Under Green and Allen, the companies lost millions in a disastrous attempt to enter the digital television market.
However, ITV insists there is no problem after meeting with its leading ten shareholders last week. "They have made it clear that they do not want to interfere in the day to day workings of ITV," said the broadcaster. "The [Allen] issue has not been raised."
Data sourced from: Telegraph.co.uk; additional content by WARC staff