Pokie CEO hits jackpot
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.
InvestSMART FORUM: Come and meet the team
We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.Sign up for free