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ITV PLC (ITV)

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Thursday 18 March, 2010

ITV PLC

Chief Executive

RNS Number : 7859I
ITV PLC
18 March 2010
 



18 March 2010

 

 

Chief Executive

 

 

Adam Crozier

Adam Crozier will join the Company as Chief Executive on 26 April 2010. His ongoing fixed remuneration will comprise a base salary of £775,000 per annum, a pension contribution at 9% of base salary, other typical benefits and a twelve month notice period. He will be entitled to participate in a performance-linked annual bonus scheme on the same basis as other executive directors. The bonus criteria have been reset by the new Board and will be stretching.

On joining Adam will also be awarded a one-off opportunity to receive up to 4,115,044 shares in ITV in 2013, subject to delivering stretching outperformance over a 3 year period. The award will be made in nil cost options and up to 75% will vest only if ITV delivers higher than median Total Shareholder Return performance against the two comparator groups outlined in the Performance Share Plan (PSP) section of the Remuneration Report over the period. No options will vest for below median performance, with full vesting only if ITV delivers upper quartile performance. The remaining options will vest subject to the achievement of strategic measures. Adam will be entitled to participate in further awards under the PSP from 2011 in line with other executive directors as agreed by the Remuneration Committee. Under ITV's remuneration policy, such PSP awards are currently capped at 150% of salary. Adam will also be expected to comply with the ITV Executive Director shareholding guidelines of owning shares in ITV equivalent to 100% of salary.

An additional award of £200,000 in cash and £420,000 in restricted shares will be made conditional on his joining as expected on 26 April 2010. The shares will vest in three equal tranches over an 18 month period.

 

 

 

For further enquiries please contact:

 

ITV plc

Tel: 020 7157 3000

 

Investor enquiries

Christy Swords

020 7157 6572 or 07881 505783

Pippa Foulds                

020 7157 6555 or 07778 031097

Media enquiries


Ruth Settle                   

020 7157 3707 or 07946 346698

Louise Evans    

020 7157 3710 or 07825 680994

Tulchan Communications


Andrew Grant / Susanna Voyle, Tulchan

020 7353 4200

 

Website: www.itv.com; investor information: www.itvplc.com

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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