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.

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

By Michael Millar

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