U.K.'s ITV CEO Adam Crozier Sees 2013 Pay Nearly Triple to $13.8 Million
The British TV networks company airs such ratings hits as "Downton Abbey" and has acquired TV production firms to diversify its revenue streams.
LONDON – ITV CEO Adam Crozier's compensation package for 2013 nearly tripled in value thanks to stock awards, the U.K. TV networks company disclosed late in the week.
Its annual report showed that Crozier earned $13.8 million (£8.4 million in 2013), up from $4.8 million (£2.9 million) in 2012.
Stock awards worth nearly $9.9 million (£6.0 million) drove the increase as ITV's financials continued to grow. Under Crozier's leadership, the company has diversified its business to become less reliant on advertising revenue. Acquisitions of TV production companies in Europe and the U.S. have helped here, boosting the revenue at the ITV Studios content arm.
ITV has continued to have ratings success with such hit shows as Downton Abbey and Broadchurch. It also airs Simon Cowell's The X Factor and Britain's Got Talent.
Crozier's 2013 compensation included a base salary of $1.4 (£841,000), a bonus of $2.3 million (£1.4 million) and $3.3 million (£2.0 million) in stock in performance-related awards.
Crozier has been running ITV since April 2010. He previously worked for Royal Mail, the English soccer association and Saatchi & Saatchi.