Grade earns nearly £2m despite share fall

Michael Grade earned nearly £2m in 2007 despite ITV's share price falling through the year.

The executive chairman was paid a total of £1,934,000, of which £967,000 was a bonus, the broadcaster's annual report showed today.

The former BBC chairman joined ITV on January 8. During the year ITV's share price fell from about 105p to 85p, and it has since fallen further to less than 70p.

The report said his bonus was "based on the achievement of a combination of corporate financial, specific business and individual targets, which are all closely related to shareholder value creation".

Grade and other directors remain committed to his financial turnaround plan.

His earnings are also related to proposals under which he wants to improve global content revenues, make money from online and stabilise ITV1's audience figures.

ITV said "PRS (premium rate service) issues", referring to a succession of phone-in scandals, were taken into account in awarding bonuses.

Chief operating officer John Cresswell was paid £1,231,000, including a £631,000 bonus.