Entain Announces Board Changes Following CEO's Departure

Entain, the parent company of well-known betting brands Ladbrokes and Coral, has made significant changes to its board following the departure of CEO Jette Nygaard-Andersen. Last week, the company announced that Stella David, a non-executive director, would step in as the interim chief executive, filling the void left by Nygaard-Andersen's departure.

Stella David's transition to her new role has triggered a series of changes within the board and its committees. Pierre Bouchut, a board member since 2018, has been appointed as the new senior independent director, succeeding David. Additionally, Virginia McDowell has been named the chair of the Remuneration Committee, while Barry Gibson, the group chair, now serves as the chair of the People and Governance Committee. Rahul Welde has also joined the People and Governance Committee.

Pierre Bouchut brings over 40 years of experience in senior management roles across finance, European retail, and European property to his new position. According to Entain Chair Barry Gibson, Bouchut's experience and familiarity with the company make him an ideal choice for the role of senior independent director.

In response to activist pressure earlier this year, Entain is expected to add Ricky Sandler, founder of investment firm Eminence Capital, to its board. Sandler has previously advocated for Entain to sell all or part of its BetMGM joint venture with MGM Resorts. His appointment is anticipated to occur by the end of the month.

Jette Nygaard-Andersen's departure from Entain came shortly after the company resolved a case with the Crown Prosecution Service (CPS) related to historic activities in Turkey. As part of the resolution, Entain agreed to a substantial £585.5 million financial penalty, along with a £20 million charitable donation and £10 million to cover HMRC and CPS costs.

Barry Gibson praised Nygaard-Andersen's leadership during this challenging period and acknowledged her vital role in the resolution of the Deferred Prosecution Agreement (DPA). He emphasized her dedication in navigating the company through these difficulties, acknowledging the threats posed by the HMRC investigation.