The Lottery Corporation Searches for New Chairman as Steven Gregg Steps Down
Date: 2023-10-18 Author: Dima Zakharov Categories: EVENTS, PAYMENT SOLUTIONS
The transition period for Gregg's departure from TLC is set to conclude no later than the end of the first quarter of 2024. During this phase, he will play a crucial role in facilitating the handover to the incoming chairman.
Reflecting on his time with TLC, Gregg expressed his admiration for the company's growth, especially its recent listing as a top 50 company on the ASX. Although he is sad to step down, he expressed confidence in the company's strong position, with Sue van der Merwe and her executive team at the helm, supported by an experienced and well-credentialed board.
The Birth of The Lottery Corporation: A Tabcorp Demerger
The Lottery Corporation, commonly known as TLC, came into existence as a result of the demerger of Tabcorp's lottery operations from its wagering, media, and gaming services back in June 2022. This significant corporate shift was set in motion following Tabcorp's strategic review of its operations, which began in early 2021.
At that time, Tabcorp disclosed its intention to spin off its Lotteries and Keno arm, based on the outcomes of the strategic review. Several unsolicited proposals were received for this division, including bids from Entain, Betmakers, and Apollo Global. However, Tabcorp determined that none of these proposals accurately reflected the true value of the division.
Instead of splitting its wagering arm, Tabcorp chose to separate the lotteries business into a new company, which became The Lottery Corporation (TLC). This entity primarily includes the former Tatts business, minus gaming services. Simultaneously, the wagering and media arm, along with gaming services, was named New Tabcorp, forming the second company.
