Richard Glynn Appointed As New CEO Of Ladbrokes

British based gambling company Ladbrokes have announced that Richard Glynn is to be the new replacement for Chris Bell, and will be taking up the position of Chief Executive Officer starting April 22nd.
The 45 year old solicitor by training will now be moving to Ladbrokes from Sporting Index, where he has served as both Chief Executive and Chairman for the past seven years, and commenting on his new appointment said:
“I am very excited and proud to be joining Ladbrokes. It is a great business with significant opportunities in a rapidly changing marketplace. I am looking forward to working closely with the Ladbrokes team to fulfill the group’s significant potential.”
The lucrative package put together by Ladbrokes to entice their new CEO includes a £580,000 annual salary, an annual bonus scheme, a salary supplement in lieu of a pension contribution of 22.5%, 1.18 million Ladbrokes shares worth £1.75 million plus a further four million shares if performance targets are met over the next five years.
Although some analysts are criticising what they perceive as an overly generous package, company Chairman Peter Erskine was clearly pleased to be welcoming Richard Glynn onboard and pointed out that his salary was actually 10% less than former CEO Chris Bell. Commenting on Glynn’s appointment, Peter Erskine said:
“We are delighted that Richard will become the next Chief Executive of Ladbrokes. We conducted a thorough international search and selection process and had a number of high quality candidates to choose from. Richard combines entrepreneurial energy with industry experience. His nine years’ experience of the betting and gaming industry combined with his successful transformation of Sporting Index into a leading international and innovative spread betting business makes him ideally suited to lead the re-invigoration of Ladbrokes.”
Without a doubt, one of the key considerations to appointing Richard Glynn as CEO is the need by Ladbrokes to improve their online service, which has lost out to rivals such as William Hill in recent times. If, as hoped, Glynn is able to double Ladbrokes share price over the next five years from its current 160.20p, Ladbrokes would then be valued at £1.3 billion and Glynn would subsequently receive £12 million as part of his bonus share package.