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Entain said its chair Barry Gibson was stepping down later this year, to be replaced by the betting group’s interim boss Stella David, marking the latest leadership change following the exit of its chief executive last year.
The Ladbrokes owner said David would take over at the end of September or before, depending on when the company found a replacement for former chief Jette Nygaard-Andersen, who stepped down in December following investor criticism over a series of costly acquisitions.
Under the Danish executive’s leadership, Entain spent more than £2bn on 11 acquisitions, leading to investor unrest over its strategy at a time of rising regulatory pressure. Last month, the Financial Times reported that Entain had hired advisers to oversee the possible sale of some its overseas brands, as it sought to lift its share price.
Gibson, who joined the board in 2019 and became chair the following year, has overseen a period of substantial change at the FTSE 100 company, which also owns Coral. On Thursday Entain credited him with playing an “integral role” in its transformation from GVC, a rebranding that took place in 2020.
Entain’s shares rose just over 2 per cent in morning trading on Thursday, but remain down nearly 40 per cent over the past year. Although shares mounted a partial recovery following Nygaard-Andersen’s departure, they were hit again last month when the company warned of a potential impact from regulatory changes in the Netherlands and UK.
“While I have thoroughly enjoyed my time at this dynamic, exciting and innovative business, I reflected a little while ago that 2024 would be the right time for me to retire,” Gibson said in a statement.
Entain added on Thursday that its search for a permanent chief executive was “ongoing and progressing well”. David said she was “entirely focused on my role as interim CEO as we work to accelerate our operational strategy, and look forward to taking over the baton from Barry in due course”.
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