This story was published more than 3 years ago.
GVC Holdings CEO Kenneth Alexander has agreed to take a $188,000 pay cut, bringing his salary to a paltry $1 million.
The move was made as an attempt to appease shareholders, who've criticized the executive team for what they see is excessive compensation. There are reports that major shareholder Merian Global Investors is going to introduce a measure fighting pay increases for executives. "We are concerned by the apparent lack of consistency between the targets under the new LTIP (long-term incentive plan) awards and the performance that we, and we understand management as well, expect of the business," said Merian CEO Richard Buxton.
Alexander's management has been under fire recently as he and GVC Chairman Lee Feldman sold off $25 million in shares, despite claiming that the stock was undervalued just hours before.
Still, GVC has been expanding their operations and is growing in terms of revenues. The company recently was awarded a Nevada online gaming license for their partypoker brand, which serves as a major competitor for PokerStars, and they're looking to continue expanding their boundaries.
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Comments
The quoted amount of $1 mill is his annual(not monthly) salary I assume?
Like 20% pay-cut would of been a serious decrease for anybody...even for a millionaire like him..or especially because of that but I guess he has some really good reason agreeing to the cutback.
And beside he might has some other sources of incomes as well so I'm far from feeling sorry for the 'poor' guy.