Ladbrokes Coral directorate change

Former CEO of the Gala Coral group before its merger with Ladbrokes, Carl Leaver, has completed his one-year stint on the board of the Ladbrokes Coral group and stepped down at the end of October, the group announced Thursday.

A company statement advised that Leaver will receive his current salary, pension and benefits up until 31 October 2017 but will not receive any further fixed pay, notice pay or severance after this date.

He is, however, eligible to receive a discretionary bonus subject to the successful delivery of certain synergy measures arising from the merger between Ladbrokes  and Coral in November 2016.

Under the terms of Leaver’s contract, this will be determined by the Board Remuneration Committee and, as part of the year end process, will be disclosed alongside other directors’ remuneration in the 2017 Annual Report and Accounts.

John Kelly, chairman of Ladbrokes Coral said:

“Over a period of 6 years, Carl led a major turnaround of the Gala Coral Group, culminating in the deal to merge with Ladbrokes to create Ladbrokes Coral Group plc.

“I would personally like to thank Carl for agreeing to join the newly merged company for a fixed one year term to drive the integration of the two businesses.  Working with the management team, his leadership has been critical to the delivery of synergies well over double the original target.  He leaves a business well-positioned for the future and we wish him well.”

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