DAVID ELSTEIN, the former chief executive of Channel 5, is thought to be preparing to step down from the board of Virgin Media after five years as a nonexecutive director.

The move would see the Nasdaq-listed cable company lose its key independent voice. Virgin Media has faced criticism in the past for allowing hedge-fund manager Bill Huff too much control over board affairs. The imbalance is thought to have led to the departure of chief executive Steve Burch last year.

Elstein is also the only UK-based director who can keep a closer track on the market for pay-TV, telephony and internet subscriptions, where Virgin Media competes with BSkyB and BT. The company is expected to look for another British-based replacement.

One of Huff’s board allies, William Connors, a former employee, stepped down last year after complaints that Huff wielded too much power, despite cutting his stake to just 4.1%. Huff engineered the combining of NTL with Telewest when the pair emerged from debt-for-equity swaps.

Another of his former members of staff, Edwin Banks, remains on the Virgin Media board.

Many shareholders were disappointed that Virgin Media failed to accept an offer of $33.50 per share last summer from private-equity group Carlyle. The stock was trading at $13.87 on Friday.

Acting chief executive Neil Berkett is shortly expected to be confirmed in the role on a permanent basis. He has refocused the company around fast broadband, where it has 3.6m customers.

Virgin Media and Elstein declined to comment.

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