Paddy Power boss paid €1.9m

Peter Jackson took over the day-to-day running of the betting group in January of last year.

Paddy Power boss paid €1.9m

The chief executive of Paddy Power-Betfair was paid an overall £1.66m (€1.95m) last year, according to the group's latest annual report.

Peter Jackson took over the day-to-day running of the betting group in January of last year. His basic salary amounted to £710,000. Pension and other contributions amounted to over £320,000 and he received an annual bonus of £622,000 in his first year in charge.

Mr Jackson's basic salary was in line with that of his predecessor, Breon Corcoran who remained on the payroll until last August. However, the £3.23m in total remuneration earned by Mr Corcoran in his last full year in charge, in 2017 was heavily boosted by over £1.6m awarded through the company's long-term incentive plan. Mr Jackson is on the company's 2018 long-term incentive plan.

The betting group's share value has fallen by more than 25% since Mr Jackson took over. Chief financial officer Jonathan Hill was paid a total package of £149,000 last year, having been appointed last October. His full year salary will be just over €539,000. Former finance chief Alex Gersh earned just over £2m in 2017 and just over £1m last year.

Earlier this month Paddy Power-Betfair - which plans to change its holding company name to Flutter Entertainment but keep its popular brand names - posted an 11% drop in pre-tax profit for 2018 to £219m (€254m). Revenues for the year grew 9% to £1.87bn.

The group is looking to enter more new markets in mainland Europe through additional bolt-on acquisitions, having recently acquired a controlling stake in Georgian online betting firm Adjarabet for €115m, with an option to buy the rest of the company after three years.

Management said the business is comfortably off in its core markets of Ireland, Britain and Australia and is only likely to grow organically in the US.

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