Wednesday December 03,2014 : LADBROKES CHIEF TO STEP DOWN
Move amicable but not unanticipated.
Following an indifferent performance at the online and land gambling group Ladbrokes plc in recent times, the industry was not altogether surprised by the news Wednesday that CEO Richard Glynn is to step down next year.
The irony is that there have been signs of some light at the end of the Ladbrokes tunnel in 2014 after the company reported a 94 percent jump in operating profits to GBP 33 million during its third quarter, although that did not appear to convince many disappointed shareholders.
Ladbrokes has been struggling to keep pace with market leader William Hill plc in the growing online gambling market, an area where Glynn was chosen to transform the business when he was appointed four years ago.
The announcement that Glynn is to go appeared to indicate an amicable parting of the ways, with chairman Peter Erskine observing that the company has been transformed and is a far stronger company as a result of his work, and Glynn commenting:
"It has been a privilege to lead Ladbrokes over this crucial phase. I am very proud of the resilience and professionalism the team has shown during this intense period of activity. It is the right time for Ladbrokes to identify my successor."
A company statement reported:
"Following extensive and constructive discussions between the board and Richard, it is intended that he will complete his term and continue in his role as CEO into 2015."
Ladbrokes is to immediately commence a search for a new CEO; just last month, Ladbrokes highly experienced retail director Nick Rust announced he will be leaving the company in 2015 to take up a new role as the chief executive of the British Horseracing Authority