Ladbrokes leadership has been dealt a blow by shareholders regarding executive pay at its Annual General Meeting held on Thursday, where 42% of votes were cast against the operator’s remuneration report.
The report detailed that Ladbrokes CEO Jim Mullen had been paid £567,000 for his first nine month’s leading the operator.
Mullen’s predecessor Richard Glynn earned £730,000 in 2014, combined with bonuses of £4.7 million attached to tenure incentives.
Outgoing Finance Director Ian Bull earned £715,000 in 2015, up from £503,000 in 2014 and £2.05m in 2013.
The report detailed that both men received bonus compensations of circa 25% of their respective salaries, despite the dire performance of Ladbrokes corporate results and decline in stock value.
A further point of contempt, saw Bull who left the operator in February, keep a performance-related share package valued at £600,000, which is reported to have angered numerous shareholders.
Ladbrokes is the latest FTSE-listed company to have been dealt a bloody nose by disgruntled shareholders, angry over the high salaries awarded to top executives.
Reacting to the decision, Ladbrokes governance stated that it understood shareholder concerns attached to executive pay.