Although the latter's imminent departure is of his own choosing, his position surely became untenable after it became public knowledge that Grade had sounded out a number of media and advertising big-hitters, alleged to include The Mail on Sunday's Stephen Miron and News Group's Mike Anderson, about his job. What a way for 27 years of loyal service to end.
It is understood that no specific job offers were made, nor did any of those canvassed express interest in the job. What it does reveal is that Grade is looking outside of TV for a new commercial focus.
This might be no bad thing if the right person can be found. ITV still suffers, perhaps unfairly, from a kick-ass confrontational reputation in its approach to customer relations, rooted in the 1980s when advertising on TV meant going cap in hand to ITV.
The talk is of luring a senior client figure with slick presentational skills who can finally turn this image around - Barclays' Jim Hytner (a former ITV man) or BT's Gavin Patterson, perhaps?
But then Grade is himself accused of being rooted in the 1980s, an accusation that has been given substance by some of his public appearances. At the recent Thinkbox conference he patronised fellow panellists Five's Jane Lighting and Channel 4's Andy Duncan with his reminiscences from the good old days of how best to deal with celebrity talent.
Such thinking may thus lead Grade to seek out a shiny-suited salesman in the mode of Ron Miller, the legendary former LWT sales director, to lead ITV's commercial efforts.
Hiring a commercial chief might not be the only key appointment that Grade needs to make. Doubts over whether a 64-year-old with no prior experience of running a plc can combine the jobs of chairman and chief executive are growing. Expect Airey to be promoted sooner rather than later.
Colin Grimshaw is the deputy editor of Media Week.