Michael Grade departs ITV with £2.7m

Michael Grade departed ITV last year with a £2.7 million payment, while incoming chief executive Adam Crozier stands to earn at least £3.2m over the next three years.

According to ITV's annual report for 2009, which was published yesterday, Grade collected £2.126m in salary and annual bonus for his final year as the broadcaster's executive chairman.

He also sold shares worth a further £401,567 under the options scheme and the ITV board paid him £167,000 to complete the remainder of his contract, which finishes next month.

Crozier, who takes up his new post on April 26, will earn an annual salary of £775,000, which is £50,000 less than Grade received in his final year.

However, he will earn a £200,000 "golden hello" for joining the firm, along with £420,000 worth of shares to be collected over the next 18 months.

After adding pension contributions and other assorted benefits, Crozier will be guaranteed to pick up at least £3.2m over the next three years.

Archie Norman, who succeeded Grade as ITV's executive chairman in January, is receiving a basic annual salary of £300,000 over his three-year term, along with 400,000 shares in ITV every year.