Boss of Ladbrokes owner GVC Kenny Alexander refuses to take a pay cut

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Boss of Ladbrokes owner GVC hangs on to his £860k salary, after refusing to take a pay cut

By Daily Mail City & Finance Reporter

Published: | Updated:

Gambling with his reputation: GVC boss Kenny Alexander has refused to take a pay cut

GVC’S boss has refused to take a pay cut despite propping up the company with tens of millions of pounds of taxpayers’ cash.

The parent company of bookmaker Ladbrokes Coral said it was saving £20million a month thanks to the Government’s wage subsidies and the business rates holiday.

More than 15,000 staff from the bookmakers shuttered shops are having 80 per cent of their wages paid by the taxpayer.

But chief executive Kenny Alexander will still get his full £860,000 salary, it said.

Bonuses worth £3.8million will be ‘postponed’, while his 2020 pay has been put on review.

Labour MP Peter Kyle, a member of the House of Commons business committee, said: ‘For some people, we’re not all in it together.’

A GVC spokesman said: ‘In light of the unprecedented challenge that the pandemic is posing to our business and our industry, our executive directors have decided to indefinitely postpone the bonuses that were due to them for last year.’

 

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