Ladbrokes shareholders’ vote against executive pay scheme

Jim Mullen, Ladbrokes
Jim Mullen, Ladbrokes

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.

 

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