Playtech’s Shareholders to Decide on Bonus Plan Amid Snaitech Sale
Playtech is set to face a critical shareholder vote on December 19, 2024, to decide on a revised directors’ remuneration policy and two long-term incentive plans. The proposal, which includes over €100 million in bonuses, has drawn criticism from investors and coincides with significant corporate developments, including the planned sale of Snaitech for £2.3 billion.
Shareholders to Vote on Revised Remuneration Plan
Playtech’s General Meeting, scheduled for December 19 in London, will include a vote on its contentious remuneration policy. The proposal outlines over €100 million ($109 million) in bonuses, primarily benefiting senior executives like CEO Mor Weizer and CFO Chris McGinnis. Additionally, €34 million ($35.9 million) is earmarked for other high-level executives.
In its filing, Playtech stated:
“The principal purpose of the General Meeting is for shareholders to vote on a revised directors’ remuneration policy as well as two new long-term incentive plans.”
This announcement follows the company’s confirmation of a £2.3 billion price tag for the proposed sale of Snaitech, its business-to-consumer (B2C) division.
Investor Criticism and Leadership Changes
The bonus proposal has faced pushback from investors, who have voiced concerns over the substantial payout. These concerns intensified following the resignation of Anna Massion, chair of Playtech’s remuneration committee.
Massion, who announced her decision to step down earlier this week, cited plans to “pursue other opportunities.” Her departure is expected to be finalized by February 2025, raising questions about the timing and governance of the proposed remuneration plan.
The Context of the Snaitech Sale
The proposed sale of Snaitech aligns with Playtech’s strategic shift to focus on its business-to-business (B2B) operations. First revealed earlier this year, the sale is expected to generate £2.3 billion (approximately $3 billion), potentially providing significant resources to support Playtech’s strategic goals.
The five-year incentive plan included in the proposal has sparked further debate.
