Flutter CEO nets £4.5m pay packet after bumper 2023 for industry giant
Peter Jackson’s bonus payments soar to £3.2m following another strong year for Paddy Power owner
Flutter CEO Peter Jackson took home a total of £4.5m last year on the back of soaring bonus payments for the chief of the online operator giant.
His total pay rose from £4.1m in 2022, while his base salary increased from £1.1m to £1.2m during 2023, according to the group’s annual report.
The rest of the executive’s remuneration package was made up of £6,000 in benefits, £109,000 in pension payments and a huge £3.2m in bonuses.
The £3.2m bonus figure is based on four core competencies, each with a different percentage weighting: group revenue (30%), group adjusted EBIT (25%), US adjusted EBITDA (25%) and safer gambling (20%).
Bonuses are awarded against group performance in each of these categories.
As detailed in the report, half of any bonus earned is deferred into shares, vesting 50% on the third anniversary of the grant and 50% on the fourth anniversary. The other 50% is paid out as cash.
Compared to 2022, Jackson’s benefits amounted to £7,000, while pension payments came in at £169,000.
His bonus amounted to £1.1m in 2022 and the remainder of his pay packet was topped up with £1.7m in payments associated with the group’s long-term incentive plan.
In addition, Flutter confirmed that Jonathan Hill, who quit as the company’s CFO last spring, received £836,000 for his work over four months.
He was paid a base salary of £234,000, which was topped up with £575,000 in bonuses, £21,000 in pension payments and £6,000 in benefits.
Hill was paid £2.4m in 2022, with his base salary having been set at £639,000 and payments based on the group incentive plan, similar to Jackson.
Paul Edgecliffe-Johnson, Flutter’s current CFO, was paid £5.3m last year, the majority of which came from a £3.2m payment relating to buy-out share awards and a £1.4m bonus.
He was paid a base salary of £590,000, with benefits and pension payments totalling £54,000.
Looking ahead to 2024, Jackson and Edgecliffe-Johnson were due to secure a 3.5% increase on their base salaries, effective from 1 March.
Regarding bonuses, Jackson will be eligible to secure a maximum opportunity of 285% of his total salary, while Edgecliffe-Johnson will be at the 265% of total salary mark.
The executive team’s remuneration confirmation came after the Paddy Power parent company reported a full-year 2023 revenue rise of 24.6% to $11.8bn.