ITV mulls change to executive pay

by Daniel Farey-Jones, Brand Republic 27-Oct-08, 09:15

LONDON - ITV is considering changing the targets for its executive performance pay scheme following its recent relegation from the FTSE 100, according to reports.

The Daily Telegraph claims that the broadcaster is looking at changing its long-term incentive plan (LTIP) from benchmarking its performance against the FTSE 100.

After the current scheme, which was put in place in September 2007, expires in 2011, the next one could benchmark the company against a smaller group of peers in the European media sector.

News of the plans comes as ITV shares hit a record low of 27.75p on Friday, down 72% over a year.

Michael Grade, executive chairman of ITV, would not benefit from any change because he has said he will step down by 2010.