Ainsworth Releases Neumann Remuneration Details

Ainsworth Game Technologies releases remuneration details for its new CEO, Harald Neumann. The new CEO will take home $600,000 per annum.

Ainsworth Game Technology appointed Harald Neumann as its new CEO in September. The company promised to reveal Neumann’s remuneration package at a later date. That date is here.

The Australian pokies manufacturer shared the remuneration details with the Australian Stock Exchange this week. Neumann will receive a remuneration package worth $600,000 per year. This is inclusive of allowances for housing, vehicle, and applicable Australian statutory superannuation contributions. Furthermore, Neumann has now fixed term contract, although Ainsworth’s board will review this annually.

Neumann took over the reins at Ainsworth Game Technology following the surprise departure of Lawrence Levy. Levy resigned from his CEO role with immediate effect on September 10, citing personal reasons.

The new CEO faces the difficult task of turning around Ainsworth’s flagging fortunes. The company posted a $43 million loss for the 2020 financial year. In addition, it issued a warning to shareholders to expect $15 million losses for the H1 2021 fiscal year. These continued losses are the reasons Neumann is not receiving any short term incentives in his remuneration package.

Remuneration Package of New Chief Product Officer Under Wraps

Ainsworth announced the appointment of a new Chief Product Officer as it laid out Neumann’s remuneration details. David Bollesen joins Ainsworth from October 7. Bollesen has 25 years experience in the digital entertainment industry, including spending 11 years as vice president of game studios for the Asia-Pacific region of IGT.

Chairman Danny Gladstone welcomes Bollesen to his team.

“We are looking forward to having David on board and driving the next generation of Ainsworth products to the market. David has led and collaborated on numerous video games and slot machine products with proven success.”

Bollesen cannot wait to get starting in his new role.

“I firmly believe that developers and operators must aggressively drive for new features and technologies with a keen awareness of the core concepts. I believe in the strength of the Ainsworth brand. With the right strategies in place there is an opportunity to build on the company’s strong foundations and deliver new products that gamers are looking for in their experience.”

Ainsworth neglected to reveal Bollesen’s remuneration package.

Neumann’s Salary Is Far Smaller Than Rivals

The salaries of gambling company CEOs are continually under the spotlight. This is especially the case since the start of the COVID-19 pandemic because most gambling companies laid off waves of staff.

Neumann’s $600,000 basic remuneration package is worth $50,000 per month before tax. While this is a very healthy salary, it falls into insignificance when compared to the deals other CEOs enjoy.

For example, Matt Bekier, the Managing Director and CEO of The Star Entertainment Group, earns a fortune. Bekier stood down thousands of staff last year while receiving $3,064,197. That is the equivalent of $255,349.75 every month.

Under-fire Crown Resorts Executive Director John Alexander earned even more than Bekier in 2020. Alexander walked away with $3,588,336 despite helping to run Crown into the ground. CEO Barry Felstead scooped $2,378,546. Both Crown directors earned less than in 2019 when they banked $4,147,196 and $3,411,791 respectively.

The remuneration package of London Stock Exchange-listed Playtech’s CEO always raises eyebrows. Playtech’s CEO, Mor Weizer, has been at the helm since 2007. The company’s share price and, therefore, company value has more than halved during his tenure. Weizer has collected more than €20.6 million ($32.76 million) over the past ten years.

Although the above salaries are huge and the things of dreams for readers of this page, they fail to make a mark on the salary of bet365 CEO Denise Coates. Ms Coates is the co-founder of bet365, and she earns a ridiculous amount of money. She helped herself to £421 million ($787.03 million) last year, or £1.3 million ($2.43 million) per day.