Shareholders are reported to be angry that the chairman and chief executive jobs have gone to Green and Allen respectively despite the two overseeing a decline in audience share and the collapse of ITV Digital.
Carlton and Granada announced the top management line-up at the same time as revealing they were in advanced talks, which have since led to an agreement to move ahead with a £2.6bn merger to create a single ITV company.
The decline in ITV's fortune's has won the two few fans in the City, who want to see changes in the way ITV is run.
It is unlikely that either Green or Allen will step down and so the appointment of a high-profile outside director to the board could be a way of mollifying City unease.
Prior to the management line up of a merged ITV being announced the speculation was that Green would retire as it was unlikely that he and Allen could work closely together.
The City is still waiting to find out if his job as chairman is to be an executive or non executive appointment.
Carlton and Granada are set to nominate three non-executive directors to the new board, but these names have not yet been announced.
In August Granada's chief executive, Steve Morrison, stepped down as part of an effort to appease investors and strengthen the company's management team. Granada also appointed the former 3i chairman, Sir George Russell, to its board as non-executive deputy chairman.
Sir George's appointment was seen as a key move. He is a popular City figure and his joining the board was designed to shore up Granada's support among City institutions.
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