Former Sainsbury’s chief King pulls out of race to chair Channel 4 | Money News

Justin King, the previous J Sainsbury chief govt, has pulled out of the race to chair Channel 4, the state-owned broadcaster.

Sky Information has learnt that Mr King knowledgeable authorities officers earlier this month that he was now not a possible successor to Sir Ian Cheshire.

His exit from the recruitment course of leaves current Channel 4 board member Debbie Wosskow and Wol Kolade, a personal fairness govt, because the remaining contenders whose identities have been publicly disclosed.

Cash newest: My parents’ row with P&O Cruises was resolved by audio recording

Business sources consider a minimum of one different candidate can also be in competition for the job.

Mr King is alleged by one Whitehall supply to have withdrawn citing different commitments, though he not too long ago stepped down from the boards of Ovo Power and Marks & Spencer.

He additionally chairs Allwyn, the Nationwide Lottery operator, and Dexters, the property company chain.

The Whitehall supply stated Mr King had been inspired to place his identify ahead for the function following Sir Ian’s departure.

The method to recruit a chair for Channel 4 has been ongoing for months, with Daybreak Airey, the media trade veteran, holding the function on an interim foundation.

Sir Keir Starmer’s choice to retain Lisa Nandy as tradition secretary has eliminated a possible motive for the conclusion of the method to be delayed, with insiders suggesting a choice a few most well-liked candidate is imminent.

Sir Ian stepped down earlier this yr after only one three-year time period within the function.

The race to steer the state-owned broadcaster’s board has acquired extra significance since after the resignation of Alex Mahon, its long-serving chief govt.

Ms Mahon, who was a vocal opponent of the final Conservative authorities’s proposed privatisation of Channel 4, has left to hitch Superstruct, a personal equity-owned dwell leisure firm.

Recruitment to the board of Channel 4 is technically led by Ofcom, the media regulator, in settlement with the tradition secretary.

Ms Nandy can also be anticipated to launch a search shortly for a successor to Lord Grade, the Ofcom chair.

The Division for Tradition, Media and Sport declined to remark, whereas Mr King couldn’t be reached for remark.