The outgoing post chief – dubbed Britain’s highest paid public servant after his years at Royal Mail – is also guaranteed to get £3.2million over three years and could pocket over £16million by 2015.
Hard-hit ITV will pay Mr Crozier £775,000 a year, a one-off deferred share incentive worth more than £2million, and further shares of £420,000. He will also be entitled to a regular annual bonus and long-term share scheme payouts, pushing up his yearly income to about £860,000.
The golden hello payment is partly in lieu of bonuses he will not receive from Royal Mail. His package there, where he supervised a sweeping modernisation programme, cutting costs and battling with the unions – was estimated at more than £3million in 2008.
Last year, quite apart from pension and long-term incentive schemes, he reportedly picked up £995,000. ITV’s advertising revenues having plummeted during the downturn and it faces competition from satellite, cable and services like Freeview.
Mr Crozier’s predecessor Michael Grade received a £1.2million cash bonus for 2009.