Betsson AB CEO Pontus Lindwall received remuneration totalling €1.5m in 2022, according to figures released in the company’s latest annual report.
The CEO saw his basic salary increase by 13% year-on-year, from €540,000 in 2021 to €610,000 in 2022.
In addition, Lindwall also received additional ‘variable’ remuneration of €915,000, as compared to €170,000 in 2021.
Variable remuneration is offered to Betsson’s executive management team on top of their basic salaries and benefits, and consists of bonuses based on quarterly revenues and operating income targets.
Variable remuneration also includes additional discretionary bonuses based on the financial outcome of the year, decided by Betsson’s board of directors.
As for the rest of Betsson’s executive management team, salary and benefit costs totalled €926,000, up 11.2% from €833,000, though breakdowns were not provided for each individual member of the team.
A further €879,000 was paid out in variable remuneration to the executive team excluding Lindwall, up significantly from €227,000 in 2021.
That brought the total remuneration (basic plus variable) for the entire executive management team to around €3.3m in 2022.
Increases in executive management pay are directly related to Betsson’s performance in 2022.
Commenting on the year, Lindwall said in the report: “We have focused on geographic diversification in recent years, entering new markets all over the world and strengthening our product offering and competitiveness.
“Combined with disciplined capital allocation and constant focus on profitable growth, our efforts have paid off – we can look back at the best year ever in Betsson’s history.”
Indeed, the business posted record revenue of €777.2m in 2022, up 18%, while EBITDA came in at €172.4m, up 12%.
Meanwhile, Betsson’s board of directors received salaries totalling €316,000 for the year, down from €358,000, with chairman Johan Lundberg taking home €104,000 of the total compared to €62,000 in 2021.
Changes in the structure of the firm’s board contributed to the decrease in expenditure there, with several board members leaving in late 2021 and others joining in June 2022.
Eva Leach was the only board member besides chairman Lundberg to receive a salary for the full year 2022. She received €50,000 for her participation on the board.