According to a report in The Times this morning, an unnamed investor is concerned about the terms of Allen's contract, which are due to be revealed within the next month.
Allen's pay deal has been the subject of shareholder concern in the past. Last year, Allen took home a total of £1.8m and he stands to receive a payoff of nearly £2m if he leaves Granada.
Allen is due to take up the role of chief executive at the merged ITV, while Green was going to be the chairman until investors forced him out yesterday in a dramatic showdown. The Times quotes a shareholder as saying: "The feeling here is that Michael Green has earned respect by going. But Granada has got a lot out of this and one little issue is the package of Charles Allen."
Now that the dramatic battle, which ended in the ousting of Green, is over, it remains to be seen how peace will be negotiated.
The man who finally forced the move, Fidelity fund manager Anthony Bolton, was magnanimous in his victory. "He has taken a pretty tough decision. You have to admire him for that," Bolton is quoted as saying in the Financial Times, talking about Green's departure.
Bolton refused to accept the resignation of Sir Brian Pitman, John McGrath and Etienne de Villiers, the three non-executive Carlton board members who had backed Green until the last minute.
Green is set to be replaced by an interim non-executive chairman, with Sir Brian Pitman being tipped as a likely candidate.
With the merger due to be completed by the end of the year, Granada will be keen to play down the fact that the deal now looks more like a takeover. Shareholders in both companies will have to agree on the appointment of a new chairman at ITV.
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