BETFRED CEO STEPS DOWN
After 30 years with the company John Haddock calls it a day.
John Haddock, chief executive of Betfred for the past two years and a 30-year veteran with the company, has stepped down, according to local media reports which indicate that chairman and founder Fred Done has temporarily taken over his responsibilities until a replacement can be found.
No reasons for the sudden resignation have been given, but the separation appears to be amicable; Done commented in a press interview:
"I would like to thank John for his 30 years of loyal unblemished service and I wish him well for the future."
However, media has been quick to note that the company has been underperforming recently, with the latest financials showing a 16 percent y-o-y drop in EBITDA to GBP56.5 million, and an operating loss of GBP76.7 million (acknowledging GBP 83.7 million in exceptional items).