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Crozier to get £620,000 payment to start at ITV

Steve Dinneen
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ADAM Crozier could pocket £2.2m for his first year at the helm of ITV, possibly earning as much as £16m by 2015.

The former Royal Mail boss will receive a basic salary of £775,000 and a massive £620,000 “golden hello”. He will also be in line for a bumper performance-related bonus pot of £2.3m over three years.

ITV said the company would need to be in the upper quartile of a group of similar FTSE 250 companies in terms of share price and dividend yield performance for Crozier to achieve the maximum payout.

Outgoing executive chairman Michael Grade received £2.7m in his final year at the company, including his basic salary of £2.1m.

The ITV board also paid Grade £167,000 to cover the remainder of his contract. Shares in the firm rose 1.8 per cent to close at 54.8p.