The Ladbrokes digital chief Jim Mullen won the race to lead the bookie yesterday – but he won’t be “living the Ladbrokes life” in the same style as his predecessor Richard Glynn.
Mr Mullen, a veteran of William Hill’s impressive online operation, was poached by Ladbrokes 18 months ago. He beat off internal and external rivals and will become chief executive next month.
His remuneration package, though, is less generous than the one offered five years ago to Mr Glynn, who was put on a potential £12m long-term share incentive scheme in 2010 to get the share price up. In 2013 Mr Glynn picked up £4.7m in pay and bonuses, although details of his severance package have yet to be revealed.
Mr Mullen is on a smaller basic salary of £500,000, with a potential maximum bonus of £850,000 and a long-term share scheme worth up to £1m. Pension and benefit top-ups take the total package to £2.5m. Mr Mullen said: “It’s less but I think it’s fair – to get to the point, you’ve got a happy and a motivated chief executive.”
The chairman Peter Erskine said: “The reaction from the shareholders to the package is that it’s sensible.”Reuse content