Richard Glynn the boss of Ladbrokes has been handed share in the company worth £1 million even thou in the companies recent report showed a fall of 50% in profits. He was given 759,958 shares at current value of £1,028,223 but those shares cannot be cashed in for three years.
The reward package surprised many observers after the countries second largest bookmaker announced recently that their half yearly profits were down from £55.1million to £27.7million compared to 2013.
Glynn took over the company as chief operating office in April 2010, but much speculation was given to the success of the World Cup for Ladbrokes on whether he would stay in his role. Ladbrokes has struggled in recent years to keep pace with William Hill in both retail, online and mobile offerings.
But when announcing Ladbrokes’ latest set of disappointing results, Glynn insisted the company had enjoyed a ‘good World Cup’ and was now ‘well positioned for growth’.