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.
Source: SBC News
