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 Planes go hybrid-electric in important step to greener flight
- 2 Antonio Martin shooting: Police and protesters clash over teenager's death just five miles from Ferguson, Missouri
- 3 British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
- 4 Hip hop is both racial and political, and for Iggy Azalea to suggest otherwise is insulting
- 5 Man hospitalised with pneumonia after downing eggnog at office Christmas party
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...