Playtech’s CEO to Get an Early Christmas Present Worth £30 million
Mor Weizer, the current Chief Executive of the gaming giant Playtech could soon get an earlier Christmas present, provided the company’s board greenlights a recently-proposed bonus scheme.
According to available information, Playtech’s shareholders are scheduled to hold a meeting later this month. The goal of this meeting is to get the board’s approval form a long-term incentive for Weizer, whose been working as the company’s CEO since 2007.
What a Bonus That Is!
If the shareholders’ plan goes through, Mr. Weizer would get more than £30 million worth of Playtech’s shares!
The latest news involving the proposed bonus scheme comes only a couple of months after Playtech’s shareholders publicly expressed their revolt over the remuneration package. Back in May, during the annual General Meeting of the company’s shareholders, 41.8% of them rejected Playtechs most recent remuneration report, while 40.9% said “no” to the proposed remuneration policy.
2019 saw a rise in shareholders’ support of the company’s pay report when compared to the previous year. In 2018, only 40.6% of the investors approved the executive pay proposal.
It should be pointed out that these pay reports often cause serious problems within gambling companies. For example, the gambling giant GVC Holdings saw a shareholder revolt over its pay report from 2018, and the decision to halt the increase of CEO Kenny Alexander’s salary didn’t help appease its shareholders. In the end, more than 40% of the company’s investors didn’t approve the pay report.
A Fantastic Bonus Scheme… Especially for Weizer
Let’s go back to the proposed bonus scheme. According to it, Mr. Weizer can expect to get Playtech’s share, worth more than £30 million in total. In addition to that, the scheme includes a nil cost option of awarding 1.9 million shares of the company as a part of the Long Term Incentive Plan 2012.
The performance of the firm’s share price over 5 years determines whether the shares will be awarded or not. Under the provisions of the proposed scheme, the required cap will be set at £16 million. Since the share prices have already reached this sum, Mr. Weizer has met the necessary condition to get his shares.
One of the leading names in the online gambling business, Playtech was founded 20 years ago by Israeli billionaire Teddy Sagi. Today, the company offers a wide variety of technology and solutions for the industry’s retail and online segments. In the summer of 2017, the company’s shares reached £10, but have since dropped significantly, especially due to problem in its core Asian markets.
The company has been very busy recently, expanding its offering with the new Kingdoms Rise series, but also debuting in the Spanish market. Playtech also revealed that problems with its TradeTech division would have a serious impact on the full-year results.