ITV CEO Compensation for 2012 Rises Nearly 20 Percent

Adam Crozier – P 2013
Getty Images

Adam Crozier, the head of the U.K. TV giant, earned $5.6 million last year, including a $2 million bonus.

LONDON -- ITV CEO Adam Crozier saw his 2012 compensation jump nearly 20 percent to $5.6 million (£3.7 million), according to the U.K. TV giant's annual report.

In 2011, he had earned $4.7 million (£3.1 million).

STORY: U.K.'s ITV Reports Higher Full-Year Earnings, Announces Special Dividend

His latest annual compensation, up 19.4 percent, included a base salary of $1.2 million, a $2 million bonus and $3.4 million in pension contributions and other compensation such as stock awards.

ITV said Crozier hit 91.3 percent of his maximum annual bonus.

STORY: U.K.'s ITV Among Analysts' European Entertainment Stock Picks for 2013

ITV recently reported that its earnings rose 13 percent last year, and its stock has continued to climb amid signs that management's transformation plan is succeeding. During the past year, the stock is up 48 percent.

Crozier's team has focused on developing non-advertising revenue streams, particularly via growing the ITV Studios production arm, which has expanded its activity and made some acquisitions.

For the new year, ITV said Crozier's base salary will rise 2.75 percent.

Crozier's contract says that he must hold ITV stock worth 200 percent of his base salary within five years of his appointment to align his interests with those of other shareholders. As of the start of the year,  his stock holdings were worth 62 percent of his base salary. Crozier started his job in April 2010.

Twitter: @georgszalai