Ladbrokes CEO Earns Multi-Million Pound Bonus
The CEO of Ladbrokes has earned himself a huge bonus thanks to the good performance of the company on the London Stock Exchange.
Richard Glynn has earned a £2.4 million bonus on top of his normal salary and bonuses which are not connected to the company’s performance.
The bonus was awarded to Glynn after Ladbrokes’ shares climbed to £2 and stayed there for thirty days. A spokesperson for Ladbrokes said that Glynn “only gets the shares physically after they are calculated in July.”
Glynn’s basic salary is £580,000 a year and his annual bonus is just under £500,000.
He also earns £978,000 in performance shares; this means he is earning £2.2 million a year before the additional bonus.
If Ladbrokes’ shares reach £2.97 by 2015 then Glynn could be eligible for a £12 million bonus under the terms of Ladbrokes’ long term incentive plan.
Ladbrokes’ shares have continued to rise in value since the company signed a deal with Playtech to improve Ladbrokes’ digital presence and bring it up to scratch with the competition. Recently the shares reached a five year high of £2.45 suggesting that Glynn has a good chance of earning the £12 million bonus.