Better Collective Execs Enjoy Large Combined Pay Jump in 2023

February has been a busy month for the digital sports media group Better Collective. 

After finalizing the acquisition of Playmaker Capital and publishing the unaudited FY 2023 report that showcased 2023 as a very strong year, the company announced it was targeting double-digit revenue growth and busy completing a capital raise of around 10% new shares to prepare for future mergers and acquisitions.

Now, the affiliate giant that increased its sports audience from 180 million to more than 400 million per month according to its 2023 Annual Report has announced that its executive management team recorded a combined remuneration increase of 37% last year.

Strong Year Leads to Total Pay Packet Boost

Chief executive officer Jesper Søgaard, chief financial officer Flemming Pedersen, and chief operating officer Christian Kirk Rasmussen enjoyed higher total pay packets as a result of the successful year that the group experienced in 2023.

For example, Søgaard’s remuneration went up by 34% in 2023 from €551,000 ($601,000) to €739,000 ($806,000) while his base salary increased from €311,000 ($339,000) in 2022 to €406,000 ($443,000) in 2023.

In terms of bonuses, the CEO recorded a drop from €186,000 ($203,000) in 2022 to €110,000 ($120,000) in 2023. However, the rise in his pension contributions to €45,000 ($49,000) sweetened the decrease.

Rasmussen enjoyed identical rises in terms of total remuneration and base salary as Søgaard.

Pedersen’s total remuneration rose the most of the three executives, going up 41% from €641,000 ($699,000) in 2022 to €907,000 ($989,000) in 2023. 

His base salary also increased from €398,000 ($434,000) in 2022 to €493,000 ($537,000) in 2023.

Warrant Boosts Due to Solid Incentive Program

Better Collective’s incentive program was another important factor that led to the significant total remuneration increase recorded by the management team. 

This is because the executives were all granted important raises in their warrants.

The individual rises generated a total pay increase for the team of €2.4 million ($2.6 million) from €1.7 million ($1.8 million) the previous year. 

In other words, compared to 2019, the total packet has gone up by over €1 million ($1.09 million).

The total pay of the board of directors also went up to €480,000 ($488,000) in 2023 from €317,000 ($345,000) over the same period.

The figure was inflated as a result of René Efraim Rechtman and Britt Boeskov joining the board in 2023 and of them not being remunerated the year before.

Chair Jens Bager’s total pay has gone up to €104,000 ($113,000) from €49,000 ($53,000). Vice-chair Therese Hillman also enjoyed a remuneration boost from €60,000 ($65,000) to €97,000 ($105,000).