Former ITV boss given £4.2m pay-off

Charles Allen,
the accountant who ran ITV, was paid a hefty
£4.2m when he stepped down as chief executive last October.

According to the media company’s
latest annual report,
this pay-off consisted of one year’s basic salary of £1.07m, a bonus of £800,000
and a deferred share award consisting of £400,000 in cash and over 377,000 ITV
shares worth around £400,000.

The company also contributed £1.5m to his pension and a payment of £9,000 for
benefits in kind.

Former BBC chairman Michael Grade – the man who has replaced Allen – has a
current remuneration package thought to be around £2m a year taking into account
his basic salary, bonus and share options.

Further reading:

Deloitte called in for ITV probe

Deloitte begins ITV interactive phone line audit

Related reading