Ladbrokes boss rewarded despite weak results

Thanks to his generous executive contract, Ladbrokes CEO Richard Glynn has been rewarded with 759,958 shares – worth more than a million pounds sterling at current share prices – despite the weak performance of the company reported last week, where profits fell by almost 50 percent (see previous report.)

The reward is contingent on how well Ladbrokes performs under Glynn’s management over the next three years.

The publication This Is Money reports that Glynn, under increasing pressure since his appointment four years ago to deliver better results from the company, which is lagging behind rivals like William Hill, has already seen his remuneration controversially rise 85 percent to GBP 4.7 million last year.

Glynn’s perceived failure to adequately fire up the company’s digital operations has been highlighted by analysts, who have compared Ladbrokes’ digital profits of GBP 3 million in H1-2014 with competitor William Hill’s GBP 81 million.

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