British-based gambling company Ladbrokes announced this week that Richard Glynn will be appointed the company’s next Chief Executive Officer. Glynn, 45, has served as Chairman of Sporting Index since May 2008 after spending seven years as its Chief Executive. He will start his new position at Ladbrokes on April 22nd.
“I am very excited and proud to be joining Ladbrokes,” said Glynn, who will replace former CEO Chris Bell. “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.”
Glynn will receive an annual base salary of £580,000. He will be eligible to participate in the Ladbrokes annual bonus scheme and performance share plan on the same basis as Bell and will receive a salary supplement in lieu of a pension contribution of 22.5%.
In addition, Glynn will be given 1.18 million Ladbrokes shares worth £1.75 million, which he has to hold for a minimum of three years. He will receive a further one-off incentive award of four million shares if performance targets are met over a five-year period. The award will have no value unless a share price of at least £2.00 is attained, meaning that around £400 million of value will need to be delivered to shareholders before Glynn is entitled to share in any value.
“We are delighted that Richard will become the next Chief Executive of Ladbrokes,” company Chairman Peter Erskine said in a statement. “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.”
Bell stepped down in January after a 20-year stint with Ladbrokes, including nine years as its CEO. He will stay with the company for an unspecified transitional period. The move supposedly occurred due to Ladbrokes’ under-performance in shares compared to rival William Hill over the past year. Said Bell, the new CEO “will need to have a huge passion for the gaming industry, be in touch with the digital age, and understand how to run one of the biggest retail estates in the country.” Investors hope that Glynn fits that description.
Glynn’s expertise in online gambling reportedly gave him a leg up in edging out several challengers for the CEO position. He’s known for successfully developing Sporting Index’s internet offering, an area Ladbrokes is thought to be eager to expand. Prior to joining Sporting Index in 2001, Glynn worked at businesses including film production company Megalomedia and communications business Caribiner International. He is a former partner at law firm Nicholson Graham and Jones and held positions at law firms Henry Schroder Wagg and SJ Berwin.
