ITV’s chief executive, Dame Carolyn McCall, took home more than £3.5m last year – a 7% increase on her previous pay package – while the broadcaster’s staff received an average 3% annual rise despite inflation hitting a 41-year high.
McCall, who has earned £14.8m in pay, bonuses and share and pension awards since joining from easyJet in 2018, has also been given a rise this year that means her base salary will top £1m for the first time.
She took home £3.54m last year, an increase of £240,000 over 2021, after being awarded 82% of her maximum possible bonus payout for achieving financial and other targets at ITV.
Most of McCall’s bonus targets relate to ITV’s profitability and cash conversion. While the broadcaster’s £717m in adjusted profits last year meant she hit the top end of the target, cash conversion targets were missed mainly due to the costly investment in making the broadcaster’s new streaming service, ITVX, a success.
The chair of ITV’s remuneration committee said that while the station’s profitability resulted in big paydays for top executives – and £200m in dividends for shareholders – the broadcaster’s 6,600 staff had also been looked after amid the cost of living crisis.
“As a committee, we remain resolute in taking a measured approach to pay and hope this report provides clear and transparent disclosure of our decision making,” said Sharmila Nebhrajani. “The committee also noted that profit targets were achieved, whilst the business also opted to make sizeable, unbudgeted payments to support our workforce.”
ITV has made two cost of living payments of £1,000 to eligible “low- and middle-earning employees”, paid out in October and January, which it says were paid to more than 80% of staff.
In addition, it has adopted a tiered approach to salary rises this year, with low earners receiving 6%, high earners up to McCall’s level receiving 4% and all other employees getting 5%.
ITV, which grew its annual staff wage bill by 14% from £553m to £631m between 2021 and 2022, said it had also helped staff through other perks including increasing the maximum potential bonus to £2,000.
While McCall has benefited handsomely during her time to date as chief executive, despite ITV’s market value falling by half since her appointment five years ago, she has some way to go to match her predecessor Adam Crozier.
Crozier, who ran ITV for seven years, took home £29.2m in total remuneration. His single year pay peaked at £8.34m in 2013, while McCall’s best year to date was £3.69m in 2018.
