Grade earns £2m despite ITV share slide

ITV boss Michael Grade pocketed almost £2 million last year despite a 20 per cent plunge in the commercial broadcaster's share price and a slide of 35 per cent in profits to £188m, it was revealed today.

And 117 per cent of the pay was bonus, according to the group's annual report.

Mr Grade – drafted in to revive the ailing company more than a year ago – landed an overall pay packet of £1.93m.

His salary of £813,000 was dwarfed by a bonus of £967,000 and further benefits and cash payments totalling £154,000.

Mr Grade's bonus could have been even higher if not for the premium rate phone-in scandal last year which hit ITV's revenues.

A company spokesman said: "ITV operates in a highly competitive market and in order to attract and retain the very best talent we have to ensure that our remuneration and incentive structure is competitive.

"The level of this award reflects performance against corporate, operational, financial and personal targets set by the remuneration committee at the start of 2007."