Paddy Power Betfair chief executive’s pay package nears €2m

Peter Jackson’s remuneration package includes £622,000 bonus

Paddy Power Betfair chief executive Peter Jackson earned a basic salary of £710,000  in his first year in charge of the gambling firm.

Paddy Power Betfair chief executive Peter Jackson earned a basic salary of £710,000 in his first year in charge of the gambling firm.

 

Paddy Power Betfair chief executive Peter Jackson earned almost €2 million in his first year at the helm of the Irish gambling giant.

Mr Jackson succeeded Breon Corcoran as chief executive at the end of the first week of January last year.

The group’s annual report, published on Wednesday, shows that it paid him £1.664 million (€1.995 million) last year, a package that included a £622,000 bonus.

Dublin-headquartered Paddy Power Betfair paid Mr Jackson a basic salary of £710,000; the bonus and a £106,000 payment in lieu of pension contributions made part of the rest.

The bonus was linked to the group’s revenue, which rose 7 per cent in 2018 to £1.87 billion and earnings before interest and tax, which the report says were £360.5 million.

Paddy Power Betfair is deferring a third of Mr Jackson’s bonus into shares, which is in line with its executive pay policy.

The report shows that Paddy Power Betfair is boosting Mr Jackson’s basic pay by 2.8 per cent this year to £740,160, while he will have the opportunity to earn bonuses tied to the group’s performance.

Alex Gersh, who was chief financial officer up to October 21st, 2018, earned £1.07 million, which included £371,000 salary, £396,000 bonus and £232,000 under the long-term incentive plan, designed to retain executives.

Mr Corcoran, who left on January 7th, 2018, received £295,000, made up largely of a deferred £277,000 payment under the long-term scheme.

Recently-appointed chief financial officer Jonathan Hill will received a salary of €554,221 this year. The company pays Mr Hill in euro as he is based in Dublin, while Mr Jackson is based in London.