ITV pays Crozier £1.6m for his first eight months
Wednesday 09 March 2011
ITV is paying its newly installed chief executive Adam Crozier more than £1.6m for his first eight months in the job after the beleaguered broadcaster saw its profits treble.
According to the broadcaster's annual report, the former head of the Royal Mail was paid a basic salary of £532,000, plus another £334,000 "golden hello" on joining the company. He also received a £252,000 short-term cash bonus and another £505,000 deferred in shares until 2013.
Mr Crozier was also issued more than four million nil-cost share options on joining the company last April. Although they cannot vest until April 2013, the value of the portfolio has shot up by nearly 30 per cent as the group's share price has steadily risen.
ITV's first annual results with Mr Crozier at the helm were published last week, sending the stock up by more than 9 per cent in a single day as the group reported profits up from £108m to £321m, thanks to a whopping 16 per cent boost in advertising revenues.
But despite the boost from successful series such as Downton Abbey and The X Factor, ITV1's viewing share dropped over the year, leaving the group cautious in its outlook for the year ahead.
With an estimated £14m in pay and awards on the table over the next five years, Mr Crozier has a major incentive to turn ITV around.
"The incentive arrangements emphasise the delivery of strategic change, co-operative endeavour and three- to five-year outcomes aligned to shareholder value," Andy Haste, the chairman of the Remuneration Committee, said in this year's annual report.
- 1 Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
- 2 Trevor Noah: Jon Stewart's replacement faces online criticism over 'anti-Semitic' tweets
- 3 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 4 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 5 Gamers confess the worst things they've done in The Sims
Prince Charles ‘burns 1.3 tons of carbon’ in private helicopter after urging public to turn off lights for Earth Hour
Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
April Fools' Day 2015 live: The best pranks and fake stories from around the world
University of Cambridge: Remains of 1,300 scholars are found under building
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...