Former Granada CEO Receives Million-Pound Payoff

24 December 2002

Shareholders in British television group Granada Media - still recovering from one of the most disastrous years it has ever experienced - may not be overjoyed to discover that former chief executive Steve Morrison will receive payments totalling over £1 million ($1.6m; €1.6m).

Morrison left at the end of September, sacrificed, it was widely thought, to atone for the abject failure and collapse of dTV platform ITV Digital, which Granada jointly owned with Carlton Communications. In the twelve months before his resignation, the media group’s shares tumbled nearly 50%.

His reward, according to Granada’s annual report, was a payment of £831,370, with a further £200,000 due next September. In addition, his total salary, fees and benefits for this year stood at £521,000, well up from last year’s £345,000.

Morrison aside, however, Granada’s top brass have joined in the belt-tightening enforced on the rest of the group.

Directors, subject to the company-wide pay freeze, have received no share bonuses this year and have put off exercising options due this year until July 2003.

Consequently, chairman Charles Allen has seen his total pay drop from £1.3m last year to a mere £1m.

Data sourced from: multiple sources; additional content by WARC staff