Justin King, the former J Sainsbury chief executive, has pulled out of the race to chair Channel 4, the state-owned broadcaster.
Sky News has learnt that Mr King informed government officials earlier this month that he was no longer a potential successor to Sir Ian Cheshire.
His exit from the recruitment process leaves existing Channel 4 board member Debbie Wosskow and Wol Kolade, a private equity executive, as the remaining contenders whose identities have been publicly disclosed.
Money latest: My parents’ row with P&O Cruises was resolved by audio recording
Industry sources believe at least one other candidate may also be in contention for the job.
Mr King is said by one Whitehall source to have withdrawn citing other commitments, although he recently stepped down from the boards of Ovo Energy and Marks & Spencer.
He also chairs Allwyn, the National Lottery operator, and Dexters, the estate agency chain.
Money blog: P&O Cruises forced to refund passengers after recording emerges; Pret launching meal deal
Murdoch succession row resolved but empire’s future far from certain
Water firms Anglian and South West fined combined £87m for sewage failures
The Whitehall source said Mr King had been encouraged to put his name forward for the role following Sir Ian’s departure.
The process to recruit a chair for Channel 4 has been ongoing for months, with Dawn Airey, the media industry veteran, holding the role on an interim basis.
Sir Keir Starmer’s decision to retain Lisa Nandy as culture secretary has removed a potential reason for the conclusion of the process to be delayed, with insiders suggesting a decision about a preferred candidate is imminent.
Sir Ian stepped down earlier this year after just one three-year term in the role.
The race to lead the state-owned broadcaster’s board has acquired additional importance since after the resignation of Alex Mahon, its long-serving chief executive.
Be the first to get Breaking News
Install the Sky News app for free
Ms Mahon, who was a vocal opponent of the last Conservative government’s proposed privatisation of Channel 4, has left to join Superstruct, a private equity-owned live entertainment company.
Recruitment to the board of Channel 4 is technically led by Ofcom, the media regulator, in agreement with the culture secretary.
Ms Nandy is also expected to launch a search shortly for a successor to Lord Grade, the Ofcom chair.
The Department for Culture, Media and Sport declined to comment, while Mr King could not be reached for comment.
