ITV sets pay targets for new CEO

ITV has outlined the payment details of the incoming CEO Adam Crozier who will join the company on 2

Crozier could be paid nearly £3.2m in the next three years and over £16m over the next five years if he meets all the performance criteria.

He will receive a base annual salary of £775,000 ($1.2m) and a "golden hello" sum of £200,000 for joining the company. He will also be awarded £420,000 worth of shares upon joining.

The new CEO will also be entitled to £860,000 a year in pension contributions and other benefits. Participation in the company's short-term cash bonus scheme could fetch him a further £1.16m a year.

Additionally, Crozier will be offered up to 4,115,044 shares in ITV - worth £2.26m at today's share price - which he can collect in 2013. This will be subject to his "delivering stretching outperformance" over a three-year period.

ITV specified that Crozier will get all the shares if ITV's performance is in the top 25 per cent of its peer group and none if its performance is below average.

ITV paid £2.7m in cash and bonuses last year to executive chairman Michael Grade who has since left the company.