ITV paid former chief Allen $8.3 mil
EmptyLONDON -- ITV has paid former chief executive Charles Allen £4.2 million ($8.3 million) in cash and shares, the company's annual report said Monday.
Allen, who stepped down last summer after pressure from shareholders, had been criticized for allowing the broadcaster's creative output and advertising revenues to slide.
He was paid £3.8 million ($7.4million) in cash and the balance in shares, ITV said.
During his tenure at the commercial broadcaster Allen led the successful consolidation of disparate ITV franchises into a single ITV. But the broadcasters audience ratings and share of viewing fell as viewers transitioned to digital television.
In January, Allen was replaced by former BBC chairman Michael Grade, who last month dismissed much of the broadcaster's traditional programming fare as "copy cat programming" and "unoriginal."