Executives of gaming software firm Game Account Network (GAN) were not paid bonuses in 2014, as the company incurred losses of some £2.6 million for the year.
As a result, Dermot Smurfit jr, chief executive of GAN, saw his pay packet fall considerably. In 2014, Mr Smurfit received total remuneration of £252k (€344k), according to the company's annual report published on Tuesday. This compares with £496k for 2013, which included a bonus of £258k.
Chief financial officer Desmond Glass also saw his remuneration slashed, down from £313k in 2013, to £152k. In 2013 he received a bonus of £183k.
Total remuneration for chairman David O’Reilly fell from £74k in 2013, to £50k in 2014.
GAN was founded in 2002 and listed on the London and Dublin stock exchanges in late 2013. It develops and supplies enterprise-level business-to-business gaming software and online gaming content.
Of the company's results for 2014, which were published in April, Mr Smurfit, the son of Dermot Smurfit, a former joint deputy chairman of Jefferson Smurfit, said that real-money internet gaming in New Jersey and the pace of regulation in the US market had been slower than expected but the company was "confident in the long-term prospects for real-money gaming in the years ahead".
