ITV chief pocketed $10.6 million
Allen scores cash bonus despite resignation
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ITV's annual report, published Monday, showed that Allen pocketed $8 million, consisting of a year's salary, bonus, shares and pension, when he left the company on his 50th birthday, Jan 4.
In addition Allen received $2.6 million in salary and bonuses for the nine months before he quit ITV's board last October.
Allen oversaw the merger of Granada and Carlton to form ITV in 2004 and negotiated a big cut in ITV's license payments. But he was consistently criticized for cost cutting and failing to invest in successful new programs.
On his watch flagship web ITV1 recorded its lowest audience share ever. Last July the channel registered a 16.3% share.
As ad revenues dipped 12% year on year ITV's stock price fell to below the psychologically crucial £1 ($1.9) level.
In January Allen was succeeded by Michael Grade, who recently admitted that parts of ITV's schedule were "creatively bankrupt."
News of Allen's enrichment was not welcomed by ITV staffers. "Our members in ITV will be disgusted," said Gerry Morrissey, general secretary of broadcast union Becton. "This is the man who unsuccessfully led the company over many years, and he's been rewarded for failure."
