Ladbroke chief's pay cut is just a matter of timing
Friday 10 April 1998
Peter George received a total of pounds 745,000 in 1997 compared with almost pounds 1.3m for the previous 12 months. The total remuneration of Ladbroke's four executive directors fell by more than a third to less than pounds 2.8m.
The fall in pay was due to the timing of payments from a long-term executive incentive scheme rather than a bold move by the company to act on the Government's desire to curb wage inflation. In fact Mr George's underlying pay has risen sharply.
He received a bonus of pounds 270,000 in 1997 compared with pounds 98,000 in the previous year and, ignoring the incentive scheme, his pay packet leapt by 40 per cent.
Mr George was also granted share options currently worth pounds 185,000. Since the year end he has exercised 194,000 shares, making a profit of more than pounds 250,000.
Ladbroke's directors are also likely to receive a substantial hike in pay this year as its incentive scheme is due to pay out in 1998. It is likely to swell directors' pay packets with at least at extra pounds 1m.
Ladbroke's profits rose to pounds 226m (pounds 163m) in 1997 thanks to a strong performance from its Hilton Hotel business and its betting shops. The group is currently awaiting the results of an MMC enquiry into its acquisition of the Coral betting chain.
Analysts believe it could be forced to sell hundreds of betting shops to get the green light for the controversial deal.
Meanwhile CK Chow, the chief executive of GKN, the Challenger tank to Westland Helicopter group, received a total of pounds 793,000 last year, a rise of pounds 144,000 from 1996.
Sir David Lees, the group's chairman, who stood down from his role as chief executive at the start of last year, saw his pay shrink from pounds 484,000 to pounds 221,000.
- 1 Stolen Instagram photo sells for $90,000
- 2 Before you complain about your GP, this is what you need to know about actually doing the job
- 3 UK's biggest male rape charity Survivors UK has state funding slashed to zero despite 120% rise in men reporting sexual violence and seeking help
- 4 'Don't blame all men for rape' campaign backfires spectacularly
- 5 Charlie Charlie Challenge explained: not a Mexican demon being summoned — it's gravity
UK's biggest male rape charity Survivors UK has state funding slashed to zero despite 120% rise in men reporting sexual violence and seeking help
Priest warns pupils the 'Charlie Charlie Challenge' is 'demonic activity'
'Don't blame all men for rape' campaign backfires spectacularly
Iran launches anti-Isis cartoon competition 'to expose true nature of Islamic State'
Fifa corruption arrests: Sepp Blatter 'quite relaxed' and confident he is 'not involved'
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Australian man punched in the face for defending Muslim women from abuse on train
A nation of inequality: How the UK is failing to feed its most vulnerable people
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...