Reid is the chairman of the Illuminas business and has also served as group development director for Media Square for the past two years.

Before joining the firm, Reid was a senior member of the European telecom and media practice at management consultancy McKinsey & Co.

He replaces Roger Parry, who had been serving as CEO and executive chairman since 2007. Parry will become non-executive chairman from January next year when Reid becomes CEO.

Parry said: “The role of a combined executive chairman and chief executive is unsatisfactory as a corporate governance best practice but in 2007 Media Square was in such a deep crisis that the best way to manage a radical recovery plan was to create the role on a temporary basis.

“I am delighted that despite the ravages of the recession the turnaround has gone well and it is now possible to move to the far more conventional situation of a separate non-executive chairman and a chief executive. Peter Reid has done an outstanding job over the last two years and I am confident he is going to continue to be outstanding in his new role.”

News of the reshuffle comes just days after three Media Square shareholders requested a meeting to vote on removing Parry from the company’s board and installing three directors of their choice.