ITV’s new boss Adam Crozier will receive £16.8m if he meets performance targets by 2015.
The broadcaster’s annual report has revealed the new chief executive is guaranteed £3.2m over the next three years, including a £625,000 ‘golden hello’ in cash and shares when he joins ITV in April from his role as head of Royal Mail.
The payment will act as compensation for Crozier as he will lose his Royal Mail bonus through the move.
Crozier will receive a salary of £775,000 a year, but this will rise to £860,000 through pension contributions and other benefits.
The new chief executive could also earn a further £1.16m a year through ITV’s short-term cash bonus scheme, the Times reported.
ITV has offered Crozier up to 4,115,044 shares as part of its long-term incentive plan. The shares, today worth £2.26m, can be collected in 2013 “subject to delivering stretching outperformance” – measured by the broadcaster performing in the top 25% of similar FTSE 250 companies.
If he hits all his targets, he will receive £16.8m over five years, and £11.3m by 2013.