Executive remuneration for the top six managers of casino equipment maker Bally Technologies Inc totaled $13.1 million in the year ending June 30, 2014, according to a company filing with Nasdaq in New York on Monday.
CEO Richard Hadrill, who was non-executive chairman of the board, was paid just over $4.6 million, nearly $3.4 million of which was paid through stock compensation.
Former CEO Ramesh Srinivasan, who officially left the company in May, received just over $3.4 million in fiscal 2014, nearly half of which were designated as “medical and other expenses.”
With the exception of the package of senior vice president and legal adviser Catherine Lever, who joined in 2014, executive pay for five other top executives at Bali Technologies actually fell nearly 21% from $15.5 million in 2013 to $12.3 million in 2014.
Shares of Bali Technologies were up 66% in the two years to Oct. 20, partly driven by two mergers and acquisitions (one M&A, one targeted). At the close of the market on Monday, the shares were trading up 2.75% for the day at $79.87 apiece.
In July last year, Bali Technologies announced plans to acquire fellow casino equipment maker SHFL Entertainment through a leveraged deal worth a total of $1.3 billion. The deal was completed in November 2013.
Gavin Isaacs, who was SHFL’s chief executive at the time of the deal, sold $3.08 million worth of SHFL shares at the time of his departure. Isaacs, who also served as chief operating officer of Bali Technologies, is now CEO of Scientific Games Corp.
On August 1 this year, Bali Technologies said it will be acquired by Scientific Games, a company specializing in lottery technology and management, in a $5.1 billion leveraged deal.
Scientific Games later said in an investor presentation to Nasdaq in September that its partnership with Bali Technologies could result in a 21% cut in the combined company’s employee list for non-manufacturing and production jobs. 카지노사이트
Scientific Games said the disappearance of jobs would save $83 million in costs, or 57% of the $144 million expected cost savings in the first 12 months of the merger.
In late September, Bali Technologies said it was seeking a merger to complete the merger before the end of the year rather than early 2015.