Ladbrokes boss in line for £12m reward

Richard Glynn, who is joining the company from spread betting firm Sporting Index, will be entitled to four million shares, potentially worth 11.9m if the Ladbrokes share price doubles to 297p.

Yesterday the company said 1.3bn of value would be created for shareholders if the "extremely stretching" targets were met over a five-year period.

Mr Glynn will need a price of at least 200p for a quarter of the shares to vest – earning him 2m.

Ladbrokes said it was impressed by Mr Glynn's "entrepreneurial energy" after nine years leading the expansion of Sporting Index.

Mr Glynn will take up the position on April 22, succeeding Chris Bell, who is due to leave in the summer after nine years at the helm.

Ladbrokes chairman Peter Erskine said Mr Glynn's transformation of Sporting Index into a leading spreadbetting firm made him "ideally suited to lead the reinvigoration of Ladbrokes".

Mr Glynn, who is 45, has been chairman of Sporting Index since May 2008, having been chief executive from 2001.

He will receive a base salary of 580,000, plus 130,000 in lieu of a pension contribution. Mr Glynn will also be entitled to 1.75m of shares in recognition of current pay and shares interests which he will lose on taking up the new role.

He said he was proud to be joining Ladbrokes.