New ITV CEO could net $21 mil over 5 years

Additional package if Adam Crozier meets targets

LONDON -- Incoming ITV chief executive Adam Crozier could net more than £14 million ($21 million) over five years if he meets his performance targets, ITV disclosed Thursday.

Publishing its annual report, the broadcaster revealed that Crozier will earn £3 million ($4.6 million) over the first three years based on basic salary of £775,000 ($1.2 million) per year prior to any bonus payments, which will rise to £860,000 ($1.3 million) per year after pension payments.

He will also receive a £200,000 ($305,000) cash sum and £420,000 ($640,000) in shares when he signs up, with the shares being issued in three parts over 18 months.

A short-term share scheme could also be worth £1.16 million ($1.8 million) a year.

In addition he is eligible for a further 4.1 million shares in three years time subject to achieving "stretching" financial targets," the board of ITV reported, but declined to indicate at what share value the incentives would kick in.

The news came after ITV also disclosed that outgoing executive chairman Michael Grade was paid £2.7 million ($4.1 million).
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