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Pokie CEO hits jackpot

22 Dec 2012 THE AGE
BY 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 earned $3.2 million for the nine months to September 30 - the company's new financial year-end date - nearly $1 million more than he earned for the whole of the previous year, according to the company's annual report.

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

The company has also tightened its bonds with Mr Odell, who has signed 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 view that Aristocrat's five-year turnaround program - introduced by Mr Odell - 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.

The company said its 2012 business review would be available on its website in January. It will hold its AGM on February 20.

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