Entain CEO resigns effective immediately

The CEO of Entain, which is the parent business of Sportingbet, Ladbrokes, and Bwin, Jette Nygaard-Andersen, has resigned effective immediately.

The judgment comes after Entain recently settled a £615 million investigation into possible bribery at his former Turkish company with His Majesty’s Revenue and Customs, the UK tax authorities. Non-executive director Stella David will serve as interim CEO.

When Nygaard-Andersen assumed the role of CEO in January 2021, activist investors expressed concerns about the stock’s performance under her direction and criticized her. The value of Entain’s shares has decreased by one-third in her three years in office. The chair of the firm, Barry Gibson, commended Nygaard-Andersen’s leadership throughout a challenging period that included completing the HMRC investigation.

Entain has modernized its operations, strengthened governance, and taken a calculated step toward regulated markets under Nygaard-Andersen’s leadership. Even if the company’s stock increased by 5% on the announcement of her leaving, it has still dropped by 40% since the start of August.

Original story by: Asia Gaming Brief