Ladbrokes appoints Richard Glynn as new CEO
Bell will stay with the company for a "transitional period." "Richard combines entrepreneurial energy with industry experience," Chairman Peter Erskine said in a statement. "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 reinvigoration of Ladbrokes," he added.
Glynn has been chairman of Sporting Index since May 2008 and was chief executive for seven years prior to that. He will receive a base salary of us$ 868.475 per annum, 10 % less than his predecessor, as well as 1.177 million shares in Ladbrokes worth us$ 2.6 million following his appointment.
In addition, Glynn will receive a further 4 million shares, which can be vested depending on whether performance targets are met over a five-year period. If vested in full, the package would be worth us$ 17.9 million over five years.
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