ITV boss Adam Crozier sees pay rocket to £8.4m

Oliver Smith
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ITV CHIEF executive Adam Crozier’s pay nearly trebled last year to £8.36m, from £2.9m a year earlier.

The majority of the windfall was due to a share-based joining award from 2010 which has soared in value to £4m in line with the broadcaster’s fortunes under Crozier.

“The level of vesting of both awards reflects the outstanding performance to date and a significant increase in share price,” said ITV’s remuneration committee chairman Andy Haste.

ITV’s share price under Crozier has soared nearly 250 per cent to a record high last month of 210p.

While Crozier’s basic pay in 2013 only rose three per cent to £841,000, the former Royal Mail Group chief executive also received additional share awards as part of a long term incentive scheme netting him £2.04m, along with a bonus of cash and shares worth £1.4m.

ITV saw strong revenue growth last year, helped by the broadcasters acquisitions of international TV studios, resulting in a 27 per cent rise in profits to £581m. ITV Studios, the broadcaster’s production arm, saw profits grow 24 per cent to £133m on the back of both the takeovers and improving organic growth.

Finance chief Ian Griffiths earned £3.4m in 2013, up from £1.97m, on the back of a £2.13m share award.

Chairman Archie Norman saw a 66 per cent increase in his chairman fees to £500,000 last year.

ITV is currently seeking shareholder approval for a new long term incentive plan (LTIP) for its executives, in order to increase share awards up to 350 per cent of salary.

ITV shares slipped 2.3 per cent yesterday to 197.5p.