Norman is the surprise choice for ITV chair

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The former member of the Tory shadow cabinet and chief executive of Asda told the Evening Standard: "There are few opportunities that would have tempted me back into the public company arena but ITV is one of them. This is a great company with a great brand. It's a people business which is what I do best."

The surprise announcement follows seven months of turmoil as ITV has sought a chairman and a chief executive to replace the broadcaster's present executive chairman Michael Grade.

After two years of pressure on advertising revenues, ITV is enjoying a revival with record audiences tuning in for shows such as X Factor and Britain's Got Talent.

Norman, 55, is a close friend of Grade and was only approached to replace him three weeks ago. He will take up the post in January.

"I like and admire Michael a lot. He has brought ITV through the worst advertising recession for decades, and the company now has a strong platform to embrace the challenge," he said.

Norman will be paid £300,000 a year and will be given 1.2 million ITV shares, currently worth £624,000, over the next three years. His first task will be to restart the hunt for a new chief executive after the very public failure over the summer to appoint former Sky boss Tony Ball or HMV chief Simon Fox.

Norman said he had not yet spoken to ITV's chief operating officer John Cresswell who is admired in the City but announced that he would leave the company once a new chief executive had been appointed.

"I am going to start this process afresh," Norman said. "We will have to work through the appointment process. I don't expect to have any news on that for quite some weeks."

Norman was Conservative MP for Tunbridge Wells from 1997 to 2005 and, as a former shadow minister and chief executive of the party, he knows David Cameron well. Under Grade, ITV has battled to reduce the regulation dictating its business model. But Norman said today: "I'm not expecting any political favours."