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ITV chief executive Adam Crozier earns £3.7m – up by nearly a fifth on 2011 ITV chief executive Adam Crozier earns £3.7m – up by nearly a fifth on 2011
(6 months later)
ITV chief executive Adam Crozier was awarded £3.7m in cash and share awards last year, almost 20% more than he took home in 2011.ITV chief executive Adam Crozier was awarded £3.7m in cash and share awards last year, almost 20% more than he took home in 2011.
Crozier received £2.25m in cash and pension contributions, including a bonus of £1.34m, on a base salary of £818,000.Crozier received £2.25m in cash and pension contributions, including a bonus of £1.34m, on a base salary of £818,000.
ITV's annual report said that he had achieved 91.33% of his maximum potential bonus, with £897,000 paid in cash and £448,000 compulsorily turned into stock under ITV's deferred share award scheme.ITV's annual report said that he had achieved 91.33% of his maximum potential bonus, with £897,000 paid in cash and £448,000 compulsorily turned into stock under ITV's deferred share award scheme.
Crozier also received 1,137,904 shares under ITV's long-term performance award scheme, worth just under £1.5m at the broadcaster's current share price of 130p. The shares do not vest until 2015 and 2016.Crozier also received 1,137,904 shares under ITV's long-term performance award scheme, worth just under £1.5m at the broadcaster's current share price of 130p. The shares do not vest until 2015 and 2016.
Overall, Crozier took home pay and was awarded shares worth a total of £3.7m in 2012, off the back of a strong performance which saw ITV deliver a 6% rise in pre-tax profits and 13% boost in earnings .Overall, Crozier took home pay and was awarded shares worth a total of £3.7m in 2012, off the back of a strong performance which saw ITV deliver a 6% rise in pre-tax profits and 13% boost in earnings .
This compares to the £3.1m total pay and share package he took home in 2011 .This compares to the £3.1m total pay and share package he took home in 2011 .
On top of his bumper pay ITV's remuneration committee awarded a 2.75% increase to his base salary from 1 January, taking his pay to £840,706.On top of his bumper pay ITV's remuneration committee awarded a 2.75% increase to his base salary from 1 January, taking his pay to £840,706.
Crozier also received £35,000 as a non-executive director of retail store Debenhams, a position he resigned on 1 September last year.Crozier also received £35,000 as a non-executive director of retail store Debenhams, a position he resigned on 1 September last year.
He also holds 298,258 shares in ITV in a personal capacity, worth £387,735 at ITV's current share price of 130p, as at 31 December 2012.He also holds 298,258 shares in ITV in a personal capacity, worth £387,735 at ITV's current share price of 130p, as at 31 December 2012.
Crozier has a long way to go to reach the terms of his contract which state that he must hold 200% of his base salary in ITV shares within five years of his appointment "to align [Crozier's] interests with other shareholders".Crozier has a long way to go to reach the terms of his contract which state that he must hold 200% of his base salary in ITV shares within five years of his appointment "to align [Crozier's] interests with other shareholders".
At 1 January this year his personal shareholding was equivalent to just 62% of his base salary.At 1 January this year his personal shareholding was equivalent to just 62% of his base salary.
Archie Norman, the ITV chairman, received a total remuneration of just over £720,000 in 2012.Archie Norman, the ITV chairman, received a total remuneration of just over £720,000 in 2012.
On top of his salary of £300,000 he took home £420,893 from the vesting of 400,000 shares. When Norman joined in March 2010 he was awarded 1.2m shares as a one-off "golden hello". This is the final tranche of those shares to vest.On top of his salary of £300,000 he took home £420,893 from the vesting of 400,000 shares. When Norman joined in March 2010 he was awarded 1.2m shares as a one-off "golden hello". This is the final tranche of those shares to vest.
Norman was reappointed for a further three-year term from 1 January 2013, given an annual fee of £500,000, £200,000 of which is invested in stock under ITV's share acquisition strategy for senior executives.Norman was reappointed for a further three-year term from 1 January 2013, given an annual fee of £500,000, £200,000 of which is invested in stock under ITV's share acquisition strategy for senior executives.
ITV's annual report said that all staff earning under £60,000 received a pay rise of 2.75% for 2013, those above that amount received an increase in line with how they performed – or didn't – in 2012.ITV's annual report said that all staff earning under £60,000 received a pay rise of 2.75% for 2013, those above that amount received an increase in line with how they performed – or didn't – in 2012.
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