9th of November 2010 Author: Ava Jackuard
Corporation first to slash executive positions by third, then to appoint new CEO
Paul Godfrey, the Chairman of the Ontario Lottery and Gaming Corporation, which has been rebuilding its reputation from a number of scandals, commented on a report issued by Toronto Star that the payroll for the company staff earning CDM$100,000 a year had tripled to CDM$31 million in the past few years, since 2003. In his response, Godfrey said it is not likely that the number of CDM$100,000-plus earners will be reduced, explaining that 'it takes money to make money,' and putting a particular stress at the corporation's plans to include online gambling in its offering in 2012.
Godfrey further stated that the corporation will cease the search for a new CEO until they cut executive positions by a third, most likely by reducing the current number of nine vice-presidents to six. According to him, streamlining the executive will make it easier to hold senior vice-presidents accountable for improved results.
In order to save money and increase profits for taxpayers, the corporation is making a considerable effort to conduct 'major cost controls' and a detailed look at outsourcing functions throughout the corporation, such as information technology. 'Everything is up for review,' added Godfrey.
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