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ECB Senior Executives Set to Share £2.1 Million

LONDON: England and Wales Cricket Board (ECB) CEO Tom Harrison is one of a group of executives set to share a £2.1 million bonus after cutting 62 jobs last year due to financial losses caused by the COVID-19 pandemic.

Five-Year Long Term Incentive Plan

“The most recent ECB accounts show that a five-year Long-Term Incentive Plan is due to be settled in cash in 2022, with the Guardian having learned that Harrison, the board’s chief executive who was paid £512,000 last year despite a voluntary pay cut, and Sanjay Patel, managing director of the Hundred, are among its intended recipients,”

Rewarded For Good Work

The executives are being rewarded for their efforts in the face of the COVID-19 pandemic, according to ECB chair Ian Watmore.

“Long-term incentive plans are widely adopted across many sectors, including sports federations, as a way of rewarding long-term performance of executives and leaders as well as encouraging retention,” he said.  According to the most recent ECB accounts, a five-year Long-Term Incentive Plan (LTIP) will be settled in 2022.

“The ECB’s LTIPs were created to take us through the negotiations of the last media rights cycle, the implementation of the Inspiring Generations strategy and the first two years of its delivery.

“The performance of the ECB’s leadership across the pandemic has been exceptional and they were among the first to commit to significant voluntary pay and incentive cuts in 2020. The LTIPs began in 2017 and will mature in January 2022. The board is considering what, if anything, will replace them from 2022 onwards,” said Watmore.

Last year, it was widely reported that players had agreed to a 15% pay cut to compensate for pandemic-related losses. According to the paper, the ECB lost £16.5 million in 2020-21, with reserves falling to two million pounds from a high of £73 million in 2016.

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