PaySafe Shareholder Revolt Over Executive Pay Surfaces
- Executive pay at heart of dispute
- 52 percent of shareholders voted against more favorable payment plan despite strong financial performance
- CEO incentive package increased by 35 percent to £6.7 million
- Shareholders were also concerned over a ‘one-off’ £4.1 million payment CEO Joel Leonoff received in 2014
Shareholders at alternative online payment provider, Paysafe Group Plc, have revolted against the company’s current executive payment structure.
A financial report released Wednesday shows the company outperforming its market guidance, yet 52 percent of the shareholders voted against a more favorable payment plan.
That 52 percent of shareholders are said to be unhappy with a 35 percent increase in CEO Joel Leonoff’s incentive package, now totaling a cool £6.7 million. Leonoff oversaw a €1.1 billion merger of the company with payment solution firm Skrill.
From SBC News:
UK business news sources report that a number of Paysafe investors were concerned regarding a ‘one-off’ £4.1 million payment Leonoff received in 2014 as part of a long-term incentive reward.
- Aaron Goldstein, Gambling911.com
