ITV PLC (ITV.LN) Monday said chief operating officer John Cresswell will take on the role of interim chief executive while the company searches for a new head, and that he will leave once a successor is found.

Cresswell will take up the position of interim chief executive when current executive chairman Michael Grade stands down, which won't happen until the company has found a new chairman.

ITV, the U.K.'s largest commercial terrestrial broadcaster by sales, also Monday said two of the potential candidates for the chairmanship, former Reed Elsevier (REL.LN) chief executive Crispin Davis and former head of Channel 4 Michael Bishop, have both withdrawn from running for the post.

"The nominations committee has revised its shortlist accordingly and is continuing its search with due speed," the company said.

The announcement comes amid a drawn-out succession process that started earlier this year when Grade announced he would relinquish the chief exceutive role. He subsequently said he would also stand down as chairman.

The search for a new chief executive and chairman has been mired by several high-profile candidates ruling themselves out of the race.

ITV shares closed Friday at 46p

Company Web site: www.itvplc.com

-By Kathy Sandler, Dow Jones Newswires; 44-207-842-9293; kathy.sandler@dowjones.com