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Ladbrokes boss lands £4.6m in pay and bonuses Ladbrokes boss lands £4.6m in pay and bonuses
(7 months later)
The boss of Ladbrokes has landed a £2.4m share bonus on top of his £2.2m annual pay and bonuses.The boss of Ladbrokes has landed a £2.4m share bonus on top of his £2.2m annual pay and bonuses.
Richard Glynn will be given £2.4m worth of shares after Ladbroke's share price hit £2 and stayed above £2 for 30 days.Richard Glynn will be given £2.4m worth of shares after Ladbroke's share price hit £2 and stayed above £2 for 30 days.
A spokesman confirmed Glynn secured the bonus shares earlier this month but that he "only gets the shares physically after they are calculated in July".A spokesman confirmed Glynn secured the bonus shares earlier this month but that he "only gets the shares physically after they are calculated in July".
The £2.4m in shares are in addition to Glynn's basic salary of £580,000, "annual bonus" of £491,000 and £978,000 in "performance shares".The £2.4m in shares are in addition to Glynn's basic salary of £580,000, "annual bonus" of £491,000 and £978,000 in "performance shares".
If the shares continue their recent run the £2.4m bonus could mature into a £12m jackpot. Under Ladbrokes' controversial "long-term incentive" bonus plan, Glynn will collect £12m if the shares hit £2.97 by 2015.If the shares continue their recent run the £2.4m bonus could mature into a £12m jackpot. Under Ladbrokes' controversial "long-term incentive" bonus plan, Glynn will collect £12m if the shares hit £2.97 by 2015.
The shares hit a five-year high of £2.45 and have risen by 17p over the last two days after Ladbrokes secured a deal with online gambling software provider Playtech.The shares hit a five-year high of £2.45 and have risen by 17p over the last two days after Ladbrokes secured a deal with online gambling software provider Playtech.
The company said the "Ladbrokes growth plan", introduced in April 2010, was designed to "incentivise key senior executives to support revitalisation of the business".The company said the "Ladbrokes growth plan", introduced in April 2010, was designed to "incentivise key senior executives to support revitalisation of the business".
Christopher Rodrigues, chair of Ladbrokes' remuneration committee, said: "If the company does well, so will shareholders – and so, rightly, and proportionately, will management."Christopher Rodrigues, chair of Ladbrokes' remuneration committee, said: "If the company does well, so will shareholders – and so, rightly, and proportionately, will management."
Ladbrokes staff are sharing out a £5.5m bonus, with retail staff also getting a 2.7% average pay rise.Ladbrokes staff are sharing out a £5.5m bonus, with retail staff also getting a 2.7% average pay rise.
Glynn's big rival in the betting industry, the William Hill chief executive, Ralph Topping, was paid £1.9m last year.Glynn's big rival in the betting industry, the William Hill chief executive, Ralph Topping, was paid £1.9m last year.
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