William Hill freezes pay and pulls bonuses due to Covid-19
William Hill
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09:58 22/04/21
William Hill has frozen executive pay, withdrawn bonuses and scrapped a share payment to its chief executive after the gambling company cancelled its dividend due to the Covid-19 crisis.
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The FTSE 250 company said CEO Ulrik Bengtsson's salary would remain at £600,000 for 2020 and that the freeze would also apply to other executives and employees unless an increase is required by changes to the national living wage.
Executive directors and other senior employees will not be entitled to bonuses in the current year. Bengtsson has also waived a share plan award made to him on 9 March and no other share plan awards will be made to senior executives, William Hill said.
William Hill suspended its dividend on 16 March to preserve cash as it predicted Covid-19 restrictions could wipe out £110m of earnings from cancelled sporting events. The Investment Association has told companies to link bosses' pay to the experience of shareholders and employees during the coronavirus crisis.
Lynne Weedall, chair of William Hill's remuneration committee, said: "As a board, we are focused on taking appropriate steps during the current emergency that will look to protect the interests of all of our key stakeholders (employees, customers, suppliers and shareholders) to best ensure the strength of our business in the long-term."
William Hill said under changes to its pay policy executive directors would no longer receive a maximum pension contribution of 20% and that contributions would instead be aligned with contributions for other employees. Bengtsson and new Chief Financial Officer Matt Ashley will receive pension payments of 5% of salary, William Hill said.