Shareholders at Australian operator Tabcorp have approved a new options package for Chief Executive Gillon McLachlan
The package was described by the Australian Shareholders Association as “outlandish,” according to The Sydney Morning Herald.
At the company’s annual general meeting on Monday, investors voted overwhelmingly in favor of granting McLachlan a second round of long-term share options, following a previous allocation that has already risen sharply in value.
McLachlan, who joined Tabcorp in mid-2023 after serving as Chief Executive of the Australian Football League, received 30 million options last year with a strike price of AU$0.47. (US$0). With Tabcorp’s stock reaching as high as AU$1.09, (US$1) those options are now valued at more than AU$18.6 million (US$12.1 million)
