Mar 21, 2017
ITV cuts CEO pay after it fails to meet profit goal
The boss of ITV suffered a pay cut last year, after Britain's biggest commercial broadcaster missed its own profit target amid falling advertising revenue. Adam Crozier, chief executive, received a total of £3.4m for 2016, 12 per cent less than his previous year's pay packet, according to the company's annual report. This is because ITV pegged 60 per cent of his bonus to a profit performance target of £941m, which the company missed by £56m. "While the company has continued to perform well, particularly in a challenging external environment, we did not achieve the ambitious profit target set internally at the start of the year," said Andy Haste, remuneration committee chairman, in the report. Net advertising revenues fell 3 per cent last year, despite a boost from the European football championships, and ITV said it expected a worse decline for January to April 2017. The production arm constituted nearly half of total group revenue last year, growing 13 per cent to £1.4bn - but organic revenues were down 9 per cent.
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