GVC Chief Executive Kenny Alexander has agreed to a cut in his basic pay to the tune of £150,000. The CEO of the company that owns UK’s top gambling operator Ladbrokes will have his salary revised to £800,000 from the current £950,000 facing the brunt of investors, reports Sky News.
It should be noted that the GVC had his salary increased by over 25 percent from £750,000 to £950,000. However, he has agreed to a pay cut of about £150,000 following which is base pay from the next month would be £800,000.
In a statement to the press, GVC Holdings said: “After consulting with GVC’s chairman and remuneration committee chair, GVC’s CEO has volunteered to reduce his annual salary from £950,000 to £800,000.
“This offer was made in light of recent shareholder and proxy adviser feedback on GVC’s 2018 remuneration report and on our Remuneration Committee Chair.
“This change will take effect from 1 June 2019.”
Earlier a study found that the gambling companies in the UK are not paying enough towards their corporate social responsibility to tackle the issue of rising gambling addiction despite their CEO’s grossing hundreds of millions of pounds in salary.
After the gambling industry was deregulated by the labor government back in 2005, the bookmakers had to pay 0.1 percent of their total revenues towards gambling awareness and treatment programs as a part of their social responsibility. However, records show that they have not been doing enough.