Aristocrat director to profit by leaving

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Wednesday, March 17, 2004 | 9:03 a.m.

BLOOMBERG NEWS

SYDNEY, Australia -- Aristocrat Leisure Ltd., the world's second biggest maker of slot machines, said former chairman John Ducker will be paid more money if he is voted off the board than if he is reelected.

Ducker, who quit as chairman in September, will get a A$557,000 ($428,000) termination payout if shareholders vote against him at a May general meeting, even though he won't have served the requisite five years for directors to qualify for retirement benefits, Sydney- based Aristocrat said in a statement to the Australian Stock Exchange.

If Ducker, who in April 2003 said he would leave the company in the "near future," is re-elected he would be entitled to a maximum retirement benefit of A$555,400, the company said.

Ducker stepped down as chairman after a bungled South American contract caused the firm to say earnings would miss expectations and led to the dismissal of chief executive Des Randall.

Shareholders will also vote whether to freeze retirement benefits for directors at June 1, 2004, with a pro-rata entitlement to be paid to directors who have served less than five years.