Tabcorp Holdings Ltd., a leading Australian gambling company based in Melbourne, has announced the appointment of Mark Howell as its Chief Financial Officer (CFO). Howell brings with him a wealth of experience, having served as the General Manager Liquor Finance & Network Optimization for Coles Group Limited’s (Coles) Liquor company, which operates one of Australia’s largest retail liquor networks.
In addition to his role at Coles, Howell has held senior positions at investment banking firms such as Goldman Sachs and Rothschild, as well as working at Ernst and Young earlier in his career. His experience in finance, business development, and strategy will be valuable in his new role at Tabcorp.
CEO and Managing Director at Tabcorp, Adam Rytenskild, expressed his enthusiasm for Howell’s appointment, stating that he is a perfect fit for the company as they continue their transformation. Rytenskild highlighted Howell’s retail and consumer experience, as well as his background in leading finance teams and working closely with investors.
However, Tabcorp has faced criticism from its stakeholders regarding executive pay levels. In a recent protest vote, nearly 35% of shareholders voted against the remuneration report, citing concerns that the company’s officials are overpaid. This comes amid revelations that Rytenskild’s salary of $2.07 million exceeds the median earnings for the ASX 200 firm, despite the company’s decrease in size since its separation from The Lottery Corporation.
Rytenskild is also entitled to a short-term bonus, which could amount to between $1.5 million and $2.3 million, with the board rewarding him with $1.14 million. However, half of this bonus will be transferred to equity until 2025, in an effort to address stakeholder concerns about excessive executive compensation.
The appointment of Howell as CFO is subject to mandatory regulatory approvals, with Tabcorp’s Disclosure Committee permitting the public release of the official press release. It remains to be seen how Howell’s appointment and the concerns surrounding executive pay will impact Tabcorp’s future performance and stakeholder relations.