21st Mar 2014 11:06
LONDON (Alliance News) - ITV Chief Executive Adam Crozier's pay for 2013 was almost three times as much as the previous year, as he received more from vested share awards.
Crozier, who previously headed Royal Mail Group and the Football Association after an early career at advertising agency Saatchi & Saatchi, received a total remuneration of GBP8.4 million for 2013, a rise of 189% from GBP2.9 million in 2012.
The steep jump in remuneration was primarily due to the vesting of a larger portion of an award he was given when he joined ITV in 2010. He got GBP4.0 million from this award in 2013, up from GBP658,000 in 2012. He also got GBP2.0 million thanks to the first vesting of shares under ITV's share plan.
Crozier's base salary and cash bonus only rose slightly compared to the previous year. His salary was GBP841,000, up from GBP818,000 in 2012, and he got a cash and shares bonus of GBP1.4 million, up from just over GBP1.3 million. His salary for 2014 has been upped again to GBP900,000.
The broadcaster performed well at its full year results for 2013, announcing a special dividend of 4.0 pence, the same as it paid in 2012. It posted a pretax profit of GBP435 million, up 30% from GBP334 million in 2012, as revenues rose 9% to GBP2.40 billion, from GBP2.20 billion, and it made GBP28 million of cost savings, pushing its operating margin up to 26%, from 23%.
Revenue growth was particularly strong in the company's Studios business, which saw a rise of 20%, driven by both organic growth and acquisitions.
Shares in ITV were trading down 0.5% at 196.50 pence Friday morning. The stock closed 2013 at the same price, but had risen nearly 84% over the year from its 106.90 pence opening price on January 2, 2013.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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