Echo Entertainment CEO John Redmond is retiring this year to move back to the US.
Redmond was promoted from non-executive director to Managing Director and CEO in December 2012 at a fixed salary of $2.25 million and up to $2.5 million in bonus payments.
He relocated from the US for the job and received a relocation payment of up to $25,000 and $250,000 a year to cover “living away from home expenses and home leave”.
Echo chairman John O’Neill told investors today that Redmond was leaving for personal reasons and had led the company “after a very difficult period”.
CFO Matt Bekier will step up as CEO in May, at a fixed salary of $1.5 million plus up to $2.5 million in bonus payments. Echo is currently recruiting a new CFO.
The executive changes were announced alongside Echo’s half-year results. Echo posted a 30.5 per cent fall in net profit to $46.1 million due in part to an unexpectedly high win rate among high-rollers.
Underlying profit rose 1.3 per cent to $71.5 million, above market expectations of $70 million.
There’s more in Echo’s statement to the ASX.
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