Tabcorp Holdings has anounced that Brett Chenoweth will take over from Bruce Akhurst as Chairman of the ASX gambling group.
As a result of the change, Chenoweth will lead Tabcorp’s board as the ASX firm overhauls the operating model of its business, which last month recorded a full-year corporate loss of AU$ 1.4bn (circa €850m).
It forms part of a wider change at the operator, with Gillon McLachlan also recently being announced as CEO, Tabcorp will reset the operating model of its underperforming online, retail, and racing divisions. The decision saw Tabcorp retire its ‘TAB25 strategy’ to achieve 30% Digital Revenue Market Share, a 10% Return on Invested Capital, and an operating expenditure of $600m–$620m by 2025-to-2028.
Akhurst reflected on his tenure as Chairman, stating: “I’m proud of our achievements since Demerger. We’ve moved quickly to transform the company. We’re a faster, more innovative, and more responsive organization today than we have ever been. Over the last two years we’ve laid some important foundations for growth by winning the Victorian Licence, achieving structural reforms, and launching a new TAB App.”
In his address regarding the leadership transition, Akhurst expressed confidence in Chenoweth’s appointment: “I’m so pleased to have secured the services of Gill as our CEO, who with a strong team, will take the Company to the next level. With those major changes now complete, my job is done and the time is right to transition to a new leadership team.”
Chenoweth also shared his vision for the future of Tabcorp: “I’m pleased to continue the Company’s transformation. A significant amount of heavy lifting has been completed with the new TAB App, level playing field reforms, and a refreshed leadership team. The work done over the last two years has been critical in building solid foundations and positioning us to capitalise when the market returns to growth.”
He continued: “Our goal is not just to recover from current challenges but to position Tabcorp as a market leader in the years ahead. We have the right team, the right strategy, and a clear vision of where we need to go.”
