Entain has made a sudden announcement regarding the departure of Jette Nygaard-Andersen from her role as Executive Director, effective immediately.
Nygaard-Andersen, succeeding Shay Segev, expressed his intention to step down after leading Entain for three years. The company, renowned for betting brands Ladbrokes and Coral, has informed its board of this decision.
To fill the leadership gap, Entain’s board appointed Stella David, previously a non-executive director, as interim CEO. This news led to a more than 4% increase in the group’s share price during initial trading.
During his tenure, Nygaard-Andersen received praise for improving Entain’s compliance with gaming regulators.
Investigation related to Entain
His departure is in line with the conclusion of an extensive HM Revenue and Customs (HMRC) investigation into allegations of bribery relating to a Turkey-based business owned by Entain’s predecessor, GVC Holdings, from 2011 to 2017.
Although it is credited with an effective restructuring, recent financial reports have highlighted shareholder and investor dissatisfaction with Entain’s sluggish business performance.
Following HMRC’s decision to close the Turkish investigation, activist funds applied pressure seeking a change in leadership.
Changes in the company
Entain President Barry Gibson praised Nygaard-Andersen‘s leadership, emphasizing the strategic shift toward regulated markets, improved governance and enhanced customer offerings.
He acknowledged the challenges posed by the HMRC investigation and the importance of recent organizational changes.
Nygaard-Andersen reflected on his departure, describing the conclusion of the HMRC investigation as a “clean turning point”. She emphasized the security, stability and sustainability achieved by the group.
Incoming interim CEO Stella David, having observed Nygaard-Andersen’s efforts to reshape Entain’s culture, hopes to contribute to future business success.
Despite the company’s sales notice to the London Stock Exchange in September and revenue growth forecast to be delayed until the second half of next year, the company is seeking to overcome these challenges with a renewed leadership approach.
