William Hill chief Topping leaves with up to £6 million

William Hill chief executive Ralph Topping is standing down at the end of this month after 44 years at the bookmaker, handing over to operations director James Henderson.

Topping will walk away with a pay, perks and shares package worth almost £6 million, assuming the firm hits stretching performance targets over the next three years.

The future of Topping, 63, had been the subject of speculation for several months and Hills said earlier this year he would leave by the end of 2015, with the search for a successor headed by chairman Gareth Davis.

“James’ breadth of knowledge spans the whole group, having worked in both the major divisions, overseen the establishment of William Hill US and, most recently, taken responsibility for William Hill Australia,” said Davis.

Henderson, who joined William Hill as a trainee manager in its Goldhawk Road branch 29 years ago, will be paid £550,000 a year — £100,000 less than Topping. He could earn almost four times that again in annual and long-term bonuses.

Topping will be paid a year’s salary of £650,000 and £120,000 in pension contributions from the date of his giving notice yesterday.

He owns 276,000 William Hill shares worth £940,000 and has long-term share options currently worth £4.7 million which are subject to performance conditions.

Henderson will receive a relocation payment for moving down to London from his home in Yorkshire.

Fitting for a man in his job, the 52-year-old is keen on all sports, particularly horse racing, and he has a son who is a conditional jockey.