Glynn receives backing from Ladbrokes shareholders
99.9% of voting shareholders vote in favour of Richard Glynn remaining as CEO despite disappointing Q1 results
Ladbrokes CEO Richard Glynn received strong shareholder backing at the operator’s annual general meeting yesterday despite the continued soft performance of its online division.
While just 68.56% of available voting rights were used, 99.9% of those that did vote were in favour of Glynn remaining as a director and 98% approved the remuneration policy.
The backing comes following the first signs of a turnaround for Ladbrokes digital division with the move to the Playtech IMS ahead of schedule and a successful re-launch of its mobile product early this year.
Despite this, however, the firm’s poor run of digital results continued in Q1 with revenues dropping nearly 18% year-on-year and 10% sequentially.
Last year the operator issued several profit warnings and launched two redundancy rounds, while Glynn’s position was thought to be under threat after several media reports suggested he had until this summer to turn the business around.
Delays to the operator’s migration to Playtech services had hampered efforts to revive its online fortunes, however with the migration now complete Glynn has appeared more bullish and recently spoke of “building blocks” for future growth now being in place.
All other directors on the Ladbrokes board were also voted in while the meeting also saw Arriva chief executive David Martin formally appointed to the board as a non-executive director following his arrival last October.
Other previously announced resolutions were also passed, such as the appointment of PricewaterhouseCoopers as Ladbrokes’ new auditor and the declaration of a final dividend, both of which were also largely backed.
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