Evolution CEO nets pay package in excess of €10m for full-year 2021 performance

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Evolution CEO Martin Carlesund earned a remuneration package of more than €10m in full-year 2021 according to the live casino giant’s latest annual report.

The Swedish chief executive was paid a base salary of €1.94m and a bonus of €5.76m as the Stockholm-listed company reported a 90% rise in full-year revenue to €1.07bn.

Carlesund received a further €2.42m in social security benefits during the period. According to PwC, employers pay Swedish employer social security contributions on compensation paid to employees who are covered by the Swedish social security system.

These contributions are levied at 31.42% of the total taxable remuneration in cash and in kind paid by a Swedish employer.

Carlesund’s 2021 pay topped out at €10.14m. For comparison, Flutter Entertainment CEO Peter Jackson earned a total remuneration package of £8.40m last year.

This represents an enormous year-on-year increase of 457.4% for Carlesund, who took home €1.82m in 2020.

The Swede’s €5.76m bonus came in at nearly €500,000 more than the combined bonus of Evolution’s additional six-person senior management team, which totalled €5.28m.

Excluding Carlesund, the senior management team includes CTO David Craelius, CPO Todd Haushalter, COO Olesya Ivanova, CFO Jacob Kaplan, chief strategy officer Sebastian Johannisson and chief HR officer Louise Wiwen-Nilsson.

They shared a combined remuneration package of €13.64m, while chairman of the board Jens von Bahr was rewarded with a base salary of €418,000 and total remuneration of €549,000.

Evolution paid a total of €24.5m to its board members and management team in 2021, up almost 300% on last year.

“Remunerations to senior executives consist of a fixed salary part and a variable part,” said Evolution in the report. “The annual variable part is to be cash based and be based on predetermined and measurable performance criteria.”

Alongside a 90% rise in full-year revenue, EBITDA climbed by 121% in 2021 to €734.7m as profit soared by 113% to €284.6m.

Evolution’s share price climbed by more than 54% in full-year 2021 during a rollercoaster 12 months of public trading.

The stock rocketed by more than 100% to a 2021 high of SEK1683.40 on 30 April before plummeting to an annual low of SEK 878.20 on 2 December. It recovered to SEK1286.20 at year-end and sits at SEK1057.40 at the time of writing.

Evolution also revealed a gender distribution figure in its 2021 report. There are two women on the company’s executive board and two women on the five-person senior management team excluding Carlesund, which represents a proportion of 29%.

About the author

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Jake Evans

Jake Evans is an NCTJ-accredited journalist and editor who has covered the online gaming and sports betting industry since 2017. He is the managing editor of iGaming NEXT and has previously worked in both content and data for EGR, Stats Perform and Football Radar.

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