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Aristocrat chief scores jackpot for turnaround

22 Dec 2012 SYDNEY MORNING HERALD - 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.