The improved performance of poker machine maker Aristocrat Leisure is flowing through to the bottom-line of its chief executive Jamie Odell.
The former Foster’s executive earned $3.2 million for the nine months to September 30 - the company’s new financial year-end date - nearly $1 million more than he earned for the previous year, according to the company’s annual report.
For the prior 12 month financial year ending December 31, Mr Odell was paid $2.26 million.
The company has also tightened its bonds with Mr Odell signing a new service agreement that increases his resignation notice period from three to six months, and his non-compete service period from six to 12 months.
The main boost to his remuneration for the nine months to September was a $1.1 million increase in the value of his long term incentive pay compared to the previous year reflecting the growing view that Aristocrat’s five year turnaround program - introduced by Mr Odell - is starting to show results.
Aristocrat nearly doubled its net profit in the nine months to September to $45.5 million from $19.9 million in the same period last year.
Aristocrat shares, which started the year at $2.20, hit a year high of $3.28 earlier this month.
In July, Mr Odell was forced to defend an ‘‘upgrade’’ that sent the company’s stock tumbling.
Aristocrat’s guidance that after-tax profit for the six months to June 30 2012 would be $30 to 33 million, while beating the prior first half profit of $24.9 million, did not meet the market’s expectations.
The company said its 2012 business review, with reports from its chairman and CEO on the group’s performance, will be available on its web site in January.The company will hold its AGM February 20 at The Mint in Sydney.