Former Tunbridge Wells MP Archie Norman is to take on the job of chairman of ITV, replacing Michael Grade.
Mr Norman stood down as an MP in 2005 and was replaced by Greg Clark.
He is credited with turning around Asda in the 1990s, before its sale to US retailing giant Wal-Mart.
Mr Norman said: "There are few opportunities that would have tempted me back into the public company arena, but ITV is definitely one of them. It is an irresistible challenge, a great brand, a people business with enormous talent, but facing an imperative for change - the challenge of adapting to compete in a fragmented digital media world."
Mr Norman won the safe Conservative seat in 1997 and held several senior posts in the party including chief executive and shadow environment secretary.