Grade Takes Home Nearly £2m as ITV's Share Droop Continues

01 April 2008

LONDON: Michael Grade (pictured), executive chairman and Great White Hope of Britain's largest commercial broadcaster ITV, collected £1.78 million ($3.54m; €2.25m) in 2007 – despite the decline in the company's market value by more than one-fifth. 

Chief operating officer John Cresswell was likewise blessed, receiving £1.23m in total: a salary of £575,000, plus bonus of £631,000 and benefits of £25,000.

According to an ITV statement, the duo's bonuses were based on "the achievement of a combination of corporate financial, specific business and individual targets, which are all closely related to shareholder value creation". 

Reflecting that "shareholder value" continued its southbound trajectory during the first quarter of 2008, the duo must now meet targets based on "profit, revenues and a share of commercial impacts plus the use of online platforms".

Data sourced from; additional content by WARC staff