Paddy Power Betfair will pay its new chief executive Peter Jackson almost €825,000 plus bonuses this year, the group's annual report says.
Mr Jackson took over the gambling giant’s helm from Breon Corcoran at the beginning of this year.
According to the report, Paddy Power Betfair will pay him a salary of £720,000 sterling (€824,500). Mr Jackson could also earn a bonus up to a maximum of £1.32 million – 180 per cent of his salary – while the group will give him cash instead of a pension contribution.
The report shows that Paddy Power Betfair paid Mr Corcoran £3.2 million last year, more than twice the £1.56 million he received in 2016.
This included a basic salary of £712,000, £1.59 million under its long-term incentive plan, annual bonus of £771,000, and pension and benefits of £126,000.
Mr Corcoran’s 2016 pay did not include a long-term incentive plan payment, made up of shares in the company, as the group was formed that year with the merger of Paddy Power and Betfair.
As Mr Corcoran left Paddy Power Betfair at the end of 2017, the group will defer paying one third of his annual bonus for 12 months, during which he is limited from working for competitors.
Once that time is up, the company will pay the remaining part of his bonus in shares.
Alex Gersh, outgoing chief financial officer, earned £2.02 million last year, roughly twice the £1.015 million that the group paid him in 2016.
His pay included £447,000 salary, £999,000 under the incentive plan, £485,000 bonus, and pension and benefits totalling £85,000. The long-term incentive payment did not apply to his 2016 salary. One third of his bonus was also deferred, as he is leaving later this year. Mr Gersh will get 50 per cent next year and 50 per cent in two years.
Shares
Mr Corcoran held 140,465 shares in Paddy Power Betfair on December 31st, worth just under €14 million at their Dublin closing price of €99.20 on December 29th, the final day of trade in 2017.
Mr Gersh held 11,036 shares in the group on December 31st, worth €1.09 million at their final 2017 closing price of €99.20.
Both Mr Corcoran’s and Mr Gersh’s bonuses came to 108 per cent of their basic salaries.
The group based this on its performance during 2017, when revenues grew 13 per cent to £1.75 billion.
Paddy Power Betfair recently named Jonathan Hill as its new chief financial officer to replace Mr Gersh in the autumn.
