The board of ITV has turned to one of two US headhunting firms in their search for a chief executive after Michael Grade decided to step down as executive chairman, according to people involved in the process.

A four-person team of directors, including Mr Grade himself, narrowed the selection down to Spencer Stuart and Russell Reynolds, and the winner will be announced on Thursday morning. Both firms are US-based and have extensive international practices, indicating a firm desire on the part of the ITV to cast a wide net to find a replacement for Mr Grade after he becomes non-executive chairman.