ITV boss Grade in line to pick up £6m

PoloMint

ITV boss Grade in line to pick up £6m

ITV executive chairman Michael Grade is to receive a share-incentive package currently worth up to £6 million if he can turn the broadcaster around.

Grade, who was poached from his role as chairman of the BBC in November last year, will be awarded the package following shareholder approval at the broadcaster's AGM in May, but it will not vest until 2012 and is linked to performance targets. Grade must hit targets for total shareholder return, share price, audience share, revenue and earnings per share.

The broadcaster said it had agreed the five-year scheme in order to facilitate Grade's appointment. Examples of the targets include revenue growth of 5 per cent per year.

The announcement came in the broadcaster's annual report which also revealed former ITV chief executive Charles Allen left the media company with a pay-off of more than £5.4m, ITV said yesterday.

Allen got £4.19m in a pay-off made up of a year's salary, bonus, shares and pension when he left ITV on 4 January, his 50th birthday. He also collected £1.23m in salary and bonuses for the nine months before he stepped down from ITV's board in October.

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They should be ashamed of themselves greedy barstewards

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A City banker at Barclays netted £22 million in salary, shares and bonuses last year and owns stock in the group worth nearly £65 million, it has been revealed.
Bob Diamond, head of investment banking at Barclays, became one of Europe's highest-paid bankers after receiving the multi-million pound pay package, which dwarfed even chief executive John Varley's salary and bonus scoop.
Barclays, which is currently in merger talks with ABN Amro, said in its 2006 annual report that Mr Diamond was
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paid a basic salary of £250,000, with a £10.4 million cash bonus on top, plus £4.5 million in deferred shares, topped up with £7.7 million in cashed-in shares.
It also emerged that Mr Diamond owns shares in the group worth £64.9 million accumulated over his 11-year tenure at Barclays and is in line for a further bonus of up to £15 million next year, not including the 2.3 million shares he is set to gain in the group as part of an ongoing performance-related deal.
Barclays defended the bumper pay package, saying the investment banking, wealth management and asset management division headed up by Mr Diamond has been very successful, with Barclays Global Investors alone making the group some £2 billion a year.
The American investment banker, aged 55, joined Barclays in July 1996 from CSFB, where he was vice-chairman and head of global fixed income and foreign exchange.
He has grown the investment banking arm rapidly in recent years and the division contributes around 44% of the bank's £7 billion annual profits.
Barclays' 50-year-old head Mr Varley, meanwhile, earned just a fraction of Mr Diamond's salary last year, at a mere £2.5 million in basic pay and bonuses, with just £700,000 from a deferred share bonus award.
Frits Seegers, who was appointed chief executive of retail and commercial banking last July, received £1.6 million in pay and bonuses in 2006.
Barclays' six top executives were paid a total of more than £26 million, according to the report.
Monday March 26, 08:44 PM BTYahoo News

War does not determine who is right, it determines who is left!

Formerly toppervte33h
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