LADBROKES paid its chief executive £1m more last year as the gambling firm met long-term performance targets including a 50 per cent share price rise.
Richard Glynn was awarded £2.2m, including a £580,000 salary, a cash-and-shares bonus of £491,999 – both of which were flat on last year – and close to £1m in performance-related shares.
Remuneration committee chair Christopher Rodrigues said that executive bonuses had been capped at around 50 per cent of the maximum allowed, as the firm had not met goals on raising revenues from its digital arm.
Digital head Richard Ames, who left in August, was paid £1.4m, including more than half a million pounds-worth of shares, the firm’s annual report showed.
Finance chief Ian Bull’s pay was flat on last year at £735,000.
The directors are also on course for handsome payouts from the firm’s Ladbrokes growth plan, which will vest if the company’s share price remains above 200p. Rodrigues said the shares were “now approaching this threshold for the first time”. Shares closed at 243.1p yesterday.