(Reuters) -UK betting and gaming firm Entain said on Wednesday its CEO of nearly three years, Jette Nygaard-Andersen, would step down from the group with immediate effect.
The company’s board has asked Stella David, currently a non-executive director, to become CEO on an interim basis.
She will remain in the role until a permanent replacement is found, the company said.
Entain did not specify a reason for Nygaard-Andersen’s resignation.
This comes a week after the Ladbrokes-owner received final approval from a British judge for a 585 million pound ($732.4 million) settlement stemming from alleged bribery offences at the group’s former Turkish unit, concluding an HM Revenue & Customs (HMRC) probe that began in 2019.
Nygaard-Andersen, 55, played an instrumental role in driving the company’s growth and strategy amid a tough environment on the regulatory front.
“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,” Chairman Barry Gibson said in a statement.
“The overhaul of the business model, strategy and culture of the group in recent years was vital to securing the successful
conclusion of a DPA (deferred prosecution agreement) process,” Gibson said, referring to the conclusion of the HMRC investigation.
Shares of the betting group touched a record high of 2,500 pence in September 2021, but overall are down 35% since Nygaard-Andersen took the top role in January of that year.
($1 = 0.7987 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sonia Cheema and Sharon Singleton)
