Monday, June 13, 2011 : TOPPING TO LEAD WILL HILL UNTIL AT LEAST 2013
Board secures chief executive's services for next few years
UK bookmaker William Hill has announced the retention of its chief executive Ralph Topping until at least 2013.
Topping (60) has been with the Group for 40 years in various roles and was appointed to chief executive in February 2008.
The agreement with effect from January 2011 will see Topping receive GBP 600 000 in remuneration which may progress to levels around the upper quartile of the market over time.
Additionally, a special, one-off retention award to Topping of 552,995 William Hill shares at 217p per share has been made, which will vest on 31 December 2013 subject to continued employment.
Changes to the package include the chief executive's on-target bonus opportunity which has been reduced from 90 percent to 80 percent of salary and maximum awards under the Performance Share Plan will reduce from 150 percent to 100 percent of salary.
Gareth Davis, William Hill Chairman said: “These changes are intended to move Mr. Topping’s salary from below competitive market levels to reflect more closely Ralph’s unique individual experience and profile, and his criticality to the Group during the continuing transition of William Hill into a leading international betting and gaming business. The Board is committed to ensuring a smooth transition for the Chief Executive position at the appropriate time and this agreement provides important certainty as we develop our succession plans.”
Ralph Topping, Chief Executive, commented: “We have made exceptional progress in the transformation of William Hill during the last three years. There are significant further opportunities ahead of us and I am pleased to have been asked by the Board to continue leading the business at this crucial time in William Hill’s growth and development.”