Richard Glynn CEO of Ladbrokes was awarded 192,080 shares worth £290,000 under long-term share incentive plans tied to his contrat signed in 2010, the payout represents a quarter of the potential maximum of the share awards set in 2010.
News of the payout — which is much lower than last year,comes days after the bookmaker reported sharply falling annual profits as it struggles to turn around its online business offering. Glynn sold 90,595 shares for tax purposes.
Mr Glynn was handed a potentially lucrative five-year incentive package of 4m free shares when he took the reins in April 2010. The CEO bonus scheme implemented by Ladbrokes board, set to reward the CEO for maintenance
In December 2012 the chief executive, who earned a basic salary of £580,000 last year, is finally on track to land the first 1m tranche, which vests if the shares reach £2 and stay at that price or higher for 30 consecutive days.They breached £2 on the Thursday before Christmas of 2012 – rewarding Mr Glynn with a share bonus of £2 million in value.