The longstanding Tabcorp CEO, Adam Rytenskild has dramatically resigned following allegations that he used ‘offensive and inappropriate language’.
Rytenskild reluctantly resigned as he revealed he doesn’t recall using the language, however, agreed to stand down from the role he has held since May 2022.
Amidst the search for a replacement, Bruce Akhurst, Tabcorp’s chairman, will serve as executive chairman and spearhead the daily operations of the firm.
Akhurst provided the following: “The board regrets that Mr Rytenskild’s employment has ended in this way and acknowledges his commitment to Tabcorp’s growth over more than two decades, including the last two years as MD & CEO and his contribution to the transformation of the company.”
The company also issued a statement on developments: “Tabcorp expects its leaders to uphold company values at all times and will not hesitate to take action to uphold expected standards of conduct.”
Rytenskild took the role of CEO following the company’s ASX demerger with lottery partner Tatts Group. Prior to his appointment, Rytenskild had been a long-term executive of the company overseeing its TAB wagering unit and retail business.
Following his departure, Rytenskild stated: “I don’t recall making the alleged comment and it’s not language I would usually use, but I have regrettably agreed to resign,” Rytenskild said. “Tabcorp has been an enormous part of my life for many years, and I believe in the journey the company is on.”
