Ladbrokes chief takes home £4.7m after challenging year
LADBROKES chief executive Richard Glynn received a total remuneration package of £4.7m last year, an 85 per cent increase on what he took in 2012, despite the bookmaker’s operating profit falling 33 per cent.
Finance chief Ian Bull also saw his package from Ladbrokes rise from £735,000 in 2012 to over £2.1m last year.
Ladbrokes has struggled to keep pace with larger rival William Hill and establish itself in a growing online market, prompting a series of profit downgrades that have piled pressure on Glynn.
Ladbrokes annual operating profit for 2013 fell to £138.3m, slightly below market forecasts for £142m. Profits from its UK retail business, its largest division, fell 26 per cent. Glynn said the falls had been the result of “a challenging year in 2013, with cost and taxation headwinds”.
Both packages rose on the back of long-term incentives for the executives (£3.9m for Glynn and £1.6m for Bull) that vested in 2013.