Global sports-betting operator Entain is adding activist Ricky Sandler to its board, just days after the company announced that its CEO Jette Nygaard-Andersen is stepping down.
According to reports, Sandler – the founder of Eminence Capital – joins the board after activist investors took a position in the company.
Groups such as Sached Heam Capital and Dendur Capital have accumulated stakes in the company due to worries about the company’s sales in primary markets such as the UK.
The investment was aimed at placing Sandler in a position to leverage further board positions, according to reports.
Corvex Management, another activist investor, also announced it has acquired some 4.4 percent of Entain’s shareholding, noting that further efforts are still required despite the recent departure of the CEO Jette Nygaard-Andersen.
Keith Meister, founder of Corvex and board member of MGM Resorts and BetMGM, was slotted for a board position on Entain, but the company decided against it due to a possible conflict of interest.
