No bonuses for Game Account Network executives

Remuneration falls for CEO Dermot Smurfit jr and CFO Desmond Glass

Executives of gaming software firm Game Account Network (GAN) were not paid bonuses in 2014, as the company incurred losses of some £2.6 million for the year.

As a result, Dermot Smurfit jr, chief executive of GAN, saw his pay packet fall considerably. In 2014, Mr Smurfit received total remuneration of £252k (€344k), according to the company's annual report published on Tuesday. This compares with £496k for 2013, which included a bonus of £258k.

Chief financial officer Desmond Glass also saw his remuneration slashed, down from £313k in 2013, to £152k. In 2013 he received a bonus of £183k.

Total remuneration for chairman David O’Reilly fell from £74k in 2013, to £50k in 2014.

GAN was founded in 2002 and listed on the London and Dublin stock exchanges in late 2013. It develops and supplies enterprise-level business-to-business gaming software and online gaming content.

Of the company's results for 2014, which were published in April, Mr Smurfit, the son of Dermot Smurfit, a former joint deputy chairman of Jefferson Smurfit, said that real-money internet gaming in New Jersey and the pace of regulation in the US market had been slower than expected but the company was "confident in the long-term prospects for real-money gaming in the years ahead".

Fiona Reddan

Fiona Reddan

Fiona Reddan is a writer specialising in personal finance and is the Home & Design Editor of The Irish Times

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