Media
Former ITV chief executive Charles Allen received £4.2 million in cash and shares after he stood down from ITV last year.
The pay off, which included £3.8 million combined from one year's basic salary, contributions towards his 2006 bonus and pension, as well as a nil cost option over 377,017 ITV Plc shares, is detailed in ITV's 2006 report.
Allen announced that he would step down as ITV chief executive in August last year following pressure from investors. He left the board of the company on October 1 last year, before Michael Grade was appointed executive chairman at the end of November.
Grade himself is to receive a share incentive package with a current worth of £6 million if he can turn the broadcaster around.
Though subject to shareholder approval at ITV's AGM in May, the broadcaster said it had agreed the five-year scheme, which is linked to performance targets including revenue growth of 5%, in order to facilitate Grade's appointment.
The pay off, which included £3.8 million combined from one year's basic salary, contributions towards his 2006 bonus and pension, as well as a nil cost option over 377,017 ITV Plc shares, is detailed in ITV's 2006 report.
Allen announced that he would step down as ITV chief executive in August last year following pressure from investors. He left the board of the company on October 1 last year, before Michael Grade was appointed executive chairman at the end of November.
Grade himself is to receive a share incentive package with a current worth of £6 million if he can turn the broadcaster around.
Though subject to shareholder approval at ITV's AGM in May, the broadcaster said it had agreed the five-year scheme, which is linked to performance targets including revenue growth of 5%, in order to facilitate Grade's appointment.
More: Media, Broadcasting
More Media News
Satellite TV News
Sky marks Jubilee with Union Jack remoteSky and One For All create universal remote celebrating the landmark UK summer.
Cable News
Pirate Bay blockade begins with VirginBT, Sky, others to follow suit, but rights groups warn it won't tackle piracy.
Freeview News
Freeview+ made easier for blind peopleRNIB develops software to make it easier for blind people to use Freeview+.
Video on Demand
'World first' social VOD service launchesThe studio behind Plan B's iLL Manors offers VOD users rewards for sharing.
