Entain CEO Gavin Isaacs Resigns After Five Months
Entain, the owner of Ladbrokes, has announced the unexpected resignation of its chief executive, Gavin Isaacs. Isaacs had joined the company in September 2022 after a career in the US gambling industry. Entain stated that Isaacs' departure was by mutual agreement and with immediate effect.
Despite his impressive experience, it is believed that operating a publicly traded multinational company proved to be a challenge for Isaacs. The board has commenced a search for a replacement.
Isaacs' exit is not performance-related, according to Entain, which recently reported strong annual profits. His departure follows a period of upheaval for the company, which also owns Coral and Sportingbet.
Stella David, Entain's chairman, will serve as interim CEO, while Pierre Bouchut will become interim chairman. David expressed confidence in Entain's strategic progress and thanked Isaacs for his contributions.
Entain continues to face regulatory scrutiny. The Financial Reporting Council is investigating KPMG's audit of its 2022 accounts, while Australian regulators are pursuing legal action over alleged breaches of anti-money laundering rules.
Shares in Entain, formerly known as GVC Holdings, have declined significantly in the past year. The company is seeking a permanent replacement for Isaacs.