Lighting will join the broadcaster at the start of April. However, her appointment will cast doubt over acting chief executive Nick Milligan's role at the channel.
Milligan was Airey's deputy and head of sales. Some reports have indicated that he was in the running for the role and is unlikely to remain, now that Lighting has been appointed. Recent speculation has suggested that Milligan could head up a combined sales operation between Channel 4, Five and BSkyB to compete against ITV if its sales houses are allowed to combine.
In Airey, Lighting has a tough act to follow. Airey joined the channel six-and-a-half years ago as director of programmes. Since she succeeded David Elstein as chief executive in October 2000, she has been credited with turning around Five, which rebranded from Channel 5 last year, boosting its audience share to 6.5% in 2002 from 5.9% the year before. Its share of advertising revenue has risen to 7.5%, up from 6.4% last year.
Lighting has more than 20 years' experience in TV. She joined Flextech in 1999 as chief operating officer of content, when it acquired Minotaur International, the business she founded in 1991.
Since becoming chief executive of Flextech, Lighting has been responsible for all of Flextech's channels, which include Bravo, LivingTV and Trouble. She has also been responsible for the UK-branded joint venture channels with the BBC, including UK Gold and UK Style.
The appointment was announced to the London Stock Exchange by 35% shareholder in Five, United Business Media. However, the final decision on Lighting's appointment is understood to have been made by Didier Bellens, chief executive of pan European broadcaster RTL Group, which owns the remaining 65% of the channel.
Other names believed to have been in the running initially included former NTL boss Stephen Carter, who was last week appointed to the top job at media super-watchdog Ofcom. Carlton Communication's Steve Hewlett and RDF's David Frank were also thought to have been interviewed and BBC Worldwide's Rupert Gavin was also linked to the job.
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