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Aristocrat chief scores jackpot for turnaround

22 Dec 2012 SYDNEY MORNING HERALD
BY COLIN KRUGER


THE improved performance of poker machine maker Aristocrat Leisure is flowing through to the bottom line of its chief executive, Jamie Odell.

The former Foster's executive, pictured, earned $3.2 million for the nine months to September 30 - the company's new financial year-end date - nearly $1 million more than for the whole of the previous year, according to the company's annual report.

For the prior financial year ending December 31, Mr Odell was paid $2.26 million.

The company has tightened its bonds, Mr Odell signing a new service agreement that increases his resignation notice period from three to six months and his non-compete service period from six to 12 months.

The main boost to his remuneration for the nine months to September was a $1.1 million increase in the value of his long-term incentive pay compared with the previous year, reflecting the growing view that Aristocrat's five-year turnaround program is starting to show results.

Aristocrat nearly doubled its net profit in the nine months to September to $45.5 million, from $19.9 million, in the same period last year. Aristocrat shares, which started the year at $2.20, hit a year high of $3.28 earlier this month.

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