According to a report in The Times this morning, the influential City fund manager Anthony Bolton, from Fidelity Investments, is to write to ITV chairman Sir Peter Burt and ask for measurable new growth targets to be imposed on ITV and its chief executive.
The Times says that failure to meet these targets will see Bolton on behalf of Fidelity and a number other institutional investors seek to have Allen replaced.
Bolton was behind the ousting of former Carlton chairman Michael Green last year. He prevented him from becoming chairman of ITV and is known to want to see Allen replaced as well.
News of the threat facing Allen comes ahead of his presentation at ITV's board meeting on Monday where he will outline his strategy for the growth of the broadcaster.
Shareholders will be looking to see Allen take ITV forward beyond cost-cutting already announced. Earlier this week the Institute of Practioners in Advertising reported that ITV's share of viewing showed the greatest resurgence as television viewing reached its highest recorded level in the past 10 years, up to four hours a day.
Bolton, dubbed the City's "quiet assassin", was reported to have had talks with Greg Dyke, the former director-general of the BBC, in February sparking speculation that he was being courted to replace Allen. This was followed in April by a meeting between Sir Peter and Dyke.
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