GVC CEO takes £150,000 pay cut

By Nathan Joyes

GVC Holdings CEO Kenny Alexander has opted to take a voluntary £150,000 ($189,000) pay cut after receiving feedback from investors.

The decision was made by the CEO due to potential shareholder queries over his salary. The investors are set to meet with the CEO at the company’s annual meeting next week in Gibraltar.

Last year, 44% of GVC’s investors voted against pay schemes which provided its leading two executives, one being Alexander, with deals worth over £67m combined.

His total income of £19.1m was published in the company’s latest financial year report, which was helped due to a “legacy award” linked to GVC’s takeover of bwin.party in 2015.

A statement from GVC read: “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 advisor feedback on GVC’s 2018 remuneration report and on our Remuneration Committee Chair. This change will take effect from 1 June 2019.”

Gambling Insider contacted the operator but it had no further comment to add.

Last week, GVC was approved to operate in Nevada following a hearing with the Nevada Gaming Commission (NGC).

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