David will be paid £490,000 a year, £90,000 less than Andy did, but he could get a 50 per cent bonus based on performance.
He was the man behind the rebranding of popular channels Dave, Watch, Blighty, Eden and Alibi.
Channel 4’s chairman designate Lord Burns told The Guardian: “He has a track record of success as a chief executive and the right mix of skills to get all parts of Channel 4 working together to unlock our full creative and commercial potential and complete our transition into digital.
“David is a rare commodity as a broadcaster in that he has an exceptional track record as an innovative leader, both creatively and commercially.”
Other people rumoured to have been in the running included Talkback Thames boss and ex-BBC1 boss Lorraine Heggessey and former BBC2 controller Jane Root.