ITV's Crozier earns £1.7m in eight months

ITV paid its new chief executive Adam Crozier almost £1.7 million for eight months' work last year, after he guided the broadcaster to bumper profits on the back of a TV ad market surge.

Crozier's total remuneration package for 2010 included a £532,000 base salary and a £344,000 "golden hello" upon joining in April.

According to the company's annual report released yesterday, the chief executive also took home a £252,000 "short-term" cash bonus and £505,000 in shares deferred until 2013.

ITV's first annual results with Crozier at the helm were published last week, as the group reported profits up from £108m to £321m, thanks to a massive 16% boost in advertising revenues.

Crozier, the former head of the Royal Mail, has already been awarded a 3% increase to his basic pay this year, matching the 3% rise given to all ITV staff earning less than £60,000. His total bonus opportunity, previously set at 150% of basic pay, was also increased to 180%.

Following last week's better-than-expected results, ITV's rising stock price is widely expected to help the broadcaster regain its place in the FTSE 100 after a two-year absence.

Crozier's goal for this year will be to reduce ITV's dependency on free-to-air advertising, as well as grow its online operation and revive the fortunes of production arm ITV Studios.

Overall, ITV paid out almost £3.7m to directors last year, including a payment of £167,000 to former executive chairman Michael Grade, who left ITV on December 31 2009, for the remainder of his contract until April 30 last year.