The under-pressure boss of Ladbrokes was today handed a £1 million share award, just days after the bookmaker reported a 50% slump in half-year profits.
Richard Glynn is in line for 760,000 shares, based on the company’s performance over a three-year period to December 2016.
Glynn, chief executive since 2010, has been struggling as Ladbrokes lags behind rivals in online and mobile betting.
His pay almost doubled last year to £4.7 million, as he collected a £4 million long-term bonus, despite chairman Peter Erskine admitting he was “disappointed” by 2013 results.
Ladbrokes shares have slumped 44% from a high of 243p in March 2013 to 136p, heaping pressure on Glynn.
The stock stood at 160p when he became chief executive but his £1 million award is part of Ladbrokes’ long-term bonus scheme and is conditional as it depends on how the bookie fares financially against other companies.
Analysts at Shore Capital have pointed out Ladbrokes’ underlying first-half operating profit this year has halved against the same period in 2010 while rival William Hill increased its profit by 30%.
