Entain‘s director reshuffle has continued into 2024 with the departure of Nicholas Batram as Group Director of M&A and Corporate Development.
In addition, the company has also confirmed the appointment of Ricky Sandler as a Non-Executive Director with immediate effect, who is the Founder, CEO and Chief Investment Officer of the global investment management organisation Eminence Capital LP.
Batram announced his exit from Entain in a LinkedIn post, leaving the company after eight years to become a freelance consultant in M&A, corporate finance, financial communications, and strategy.
Commenting on his departure, Batram said: “After nearly eight amazing years at Entain, the time is right for me to undertake a new challenge and have a go at being my own boss. It’s been a privilege to have been part of the fantastic transformational journey the Group has been on over this period.
“During this time I have worked with four CEOs, four CFOs and countless talented individuals. There are too many people for me to thank individually by name but I will highlight my team of James, Gareth, Mik, Emma and not forgetting all the support from Rob.
“They are truly outstanding performers, highly professional and genuinely great people to work with.”
Being Entain’s Group Director of M&A and Corporate Development since January 2019, Batram also served in the role of Chair of the Ladbrokes Coral Charitable Trust since June 2018 and was also the Director of Investor Relations & External Communications from April 2016 to December 2018 before GVC Holdings rebranded to Entain.
Batram continued: “I’ve learnt so much over the past years (as much as I did in c25 years in investment banking) and am truly thankful to all of those who have helped me along the way, both present and past colleagues.
“It has also been an honour to have played a role in bringing in so many talented people into Entain through M&A. I have also had the opportunity to meet so many excellent people across the industry, business owners, operators and advisors.
“Finally, last but not least, it has been an absolute honour to serve as Chairman of the Ladbrokes Coral Charitable Trust. Despite the many challenges faced by the industry and retail in particular, the generosity of both our customers and colleagues is truly inspirational.
“Wishing everyone at Entain all the very best for the future. The next chapter awaits and it is one that I am truly excited about.”
Batram’s departure is one of several moves that have occurred at Entain since the middle of last month when Jette Nygaard-Andersen announced that she would be stepping down as CEO.
Senior Independent Non-Executive Director, Stella David, was then asked to become interim CEO of the company until a permanent replacement has been found.
In addition, Pierre Bouchut was also appointed as Senior Independent Director, Virginia McDowell was named Chair of the Remuneration Committee, Barry Gibson took the role of Chair of the People and Governance Committee and Rahul Welde became a member of the People and Governance Committee.
As previously mentioned, Eminence Capital CEO Ricky Sandler has also recently been appointed as a Non-Executive Director, becoming a member of Entain’s People & Governance and Capital Allocation committees.
Sandler said on his appointment: “Entain is a robust business with market-leading brands, a unique technology platform, and enviable positions in key geographies around the world.
“I look forward to working with my fellow directors to help Entain achieve long-term success and create lasting value for its shareholders.”
As a member of the People and Governance committee, Sandler will work with Entain to identify an additional Non-Executive Director mutually agreeable to Eminence and the company.
“I am pleased to welcome Ricky to the Board of Entain,” added Barry Gibson, Chair of Entain.
“Ricky has a deep knowledge of our business and a firm belief in the quality of our operations and substantial growth opportunities. We look forward to benefiting from his perspectives and expertise as we work to drive value for all Entain shareholders.”
Sandler had previously expressed dissatisfaction with Entain’s 2023 movements, stating back in June that the £600m bookbuild to fund the acquisition of Polish operator STS Group through the issuance of new shares, representing close to eight per cent of its market capitalisation, was “perplexing on many levels”.
He said at the time: “The market reaction to this equity offering should be a wake-up call to Entain’s tone-deaf board and management team. We can assure you that this particular shareholder is outraged and in light of the movement in the company’s share price we are clearly not alone in that sentiment.
“As shareholders lose confidence in Entain’s ability to allocate capital and create long-term value, it is quite likely they will support a sale of the company to MGM at a materially lower price than previously assumed.”