ITV ex-chairman nets £15m pay-off

Michael
Green, ex-chairman of ITV, has received a £15m pay-off, in what is believed to
be the biggest ever case of so-called ‘rewards for failure’ in UK history.

The
pay out is made of £13.2m in share options and £1.8m in cash, which Green
received after being ousted from ITV.

Green
was asked to stand down last year by shareholders following the collapse of ITV
Digital, the company’s pay television service.

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Last
month, Patricia Hewitt, the trade and industry secretary, ruled against
legislation to stop such pay outs.

By Michael Millar