Ladbrokes Boss Rewarded Despite Weak Results
By Brian Cullingworth, Last updated Aug 22, 2014
CEO Glynn gets a million sterling's worth of company shares
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 InfoPowa 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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Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.
We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.
His passing in February 2019 was a dark day for us. He will be forever missed.
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