Glynn to step down as Ladbrokes CEO

Glynn to step down as Ladbrokes CEO

Wednesday, December 3, 2014 Totally Gaming

UK bookmaker Ladbrokes has announced that its chief executive, Richard Glynn, is to step down, although a company spokesperson has told that a date is not set in stone for the appointment of his successor.

Glynn, who joined in April 2010 from spreadbetting company Sporting Index, was warned by investors earlier this year that he could be forced out if he failed to improve Ladbrokes’ financial outlook and digital business, which has lagged behind the likes of rival William Hill.

Ladbrokes said that its board would shortly start a process to identify his successor and the search would evaluate “both internal and external candidates”.

Glynn will remain in his role into the New Year “to ensure an orderly transition”, but a spokesperson told that the company could not confirm whether he would stay on until his five-year anniversary passes in April.

“Richard is happy to stay on so there is an orderly transition,” the spokesperson said. “He started in April 2010 so April 2015 would mark five years in the role, but he does not have a five-year contract. It is a normal employment contract.

“It is more about getting the right person rather than setting a specific deadline for his successor.”

Ladbrokes said that it had “become increasingly clear to the board that the necessary organisational and operational changes have been implemented and the benefits of the transformation plan are beginning to come through”.

The company added: “Whilst the board acknowledges that the recovery programme has taken longer to deliver than initially anticipated, in great part due to economic and regulatory headwinds, the board believes that the changes made are now deeply embedded in the organisation and that increasing attention should now be focused on delivering sustainable growth from a much stronger operational and digital platform.”

Glynn said that he had helped to deliver a “transformation programme”.

“We have faced significant operational challenges, as well as economic and regulatory headwinds,” he said. “However, I am pleased that the business is fundamentally stronger than it was and now has the operational and digital capabilities to compete effectively. We have delivered against all of the recent milestones and increasingly shown real competitive momentum.

“It is the right time for Ladbrokes to identify my successor. I will continue to serve the company to help ensure a smooth succession.

“I look forward to the company, the shareholders, our partners and in particular everyone in the team reaping the benefits, over the next few years, of all that has been sown.”

Ladbrokes’ share price had increased by just over 0.6 per cent to 114.2p on the London Stock Exchange by midday today (Wednesday).

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