Sir George was appointed to the ITV board in December 2003 and played an integral part in the merger of Carlton and Granada two months later.
Today's announcement confirms that ITV will have entirely fresh leadership in place in 2010. Both Sir George and Grade will make way for Norman and a chief executive who has till to be appointed.
Norman is credited with turning around Asda's fortunes in the 1990s, before its sale to US retail giant Wal-Mart.
He will be paid an annual salary of £300,000 and will be given 1.2 million shares in ITV over the next three years.
The broadcaster has been looking for a new chief executive since April, when Grade announced his intention to leave. Talks with possible successor Tony Ball, former boss of BSkyB, broke down in September.
Sir Michael Grade said: "Sir George has made a huge contribution to ITV plc since its inception in 2004.
"He was instrumental in seeing the merger through, with the full support of shareholders, and since then has offered invaluable advice on any number of regulatory and broader industry issues."
Sir George said: "I had always made it clear that I wanted to see Michael through his tenure and, now that has come to an end, it is the right time for me to step down from what has been a fascinating and fulfilling six years at ITV."
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