The chief executive officer of Entain, the parent company of gambling brands like Sportingbet, Ladbrokes and Bwin, has stepped down. Jette Nygaard-Andersen asked the group board to resign with immediate effect and her position will be filled by non-executive director Stella David on an interim basis.
The move comes just weeks after the gambling group agreed a settlement of £615 million with the UK’s tax office, His Majesty’s Revenue and Customs, following an investigation into alleged bribery at its former business in Turkey. Nygaard-Andersen took over the position in January 2021 and she faced repeated criticism from activist investors who grew increasingly concerned over the way the share price developed under her leadership. Entain’s shares have fallen by a third during her three-year stint at the top.
“The past three years have been rewarding and challenging in equal measure,” Nygaard-Andersen said in a press statement. “The resolution of the HMRC investigation into the legacy business, which was sold by a former management team in 2017, offers a clean inflection point for me and for Entain. The group is now safe, stable and sustainable and I believe that this is the right time to move on to other business and career opportunities.”
Barry Gibson, the chair of Entain, said: “Under Jette’s leadership, Entain has executed a fundamental strategic shift towards regulated or regulating markets, overhauled its governance, transformed its operations, and significantly improved its customer offering.”
“She has offered exceptional leadership during what has been a hugely challenging period. It is no exaggeration to say that the HMRC investigation posed a number of threats to our group. We are all indebted to Jette for her dedication to steering the company through such a difficult time.”
Shares in Entain were up 5% in morning trading on Wednesday, but the stock remains down 40% since the start of August.
