Investors resist ‘obscene payday’ at Playtech
- Playtech plans to distribute between €1.7 billion and €1.8 billion to shareholders after selling its Snaitech business.
- The company intends to allocate up to €134 million in bonuses to executives and Snaitech managers.
- Shareholders have condemned the bonus plan as excessive, raising concerns about corporate governance.
In the UK, Playtech, a gambling technology group, is facing backlash from shareholders over a proposed cash bonus plan for its executives. Following the announcement of a €2.3 billion sale of its Snaitech business to Flutter Entertainment, Playtech revealed intentions to distribute between €1.7 billion and €1.8 billion to shareholders. However, the plan also includes a significant bonus pool of up to €100 million for senior management, including CEO Mor Weizer, and an additional €34 million for Snaitech managers, totaling €134 million in bonuses. Shareholders have labeled this payout as 'obscene' and 'egregious', expressing their discontent with the scale of the bonuses in light of the company's financial decisions. The controversy highlights ongoing tensions between corporate governance and executive compensation, raising questions about the appropriateness of such payouts amidst significant corporate transactions.