ITV gave Allen a £4 million pay off

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.