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Entain plc has announced that Gavin Isaacs, Chief Executive Officer, has resigned with immediate effect.
The global group that boasts household brands such as Ladbrokes, Coral, BetMGM, and SuperSport revealed the decision was “by mutual agreement.”
As a result, Stella David, currently Entain’s non-executive Chair, will assume the CEO role on an interim basis until a permanent replacement has been found.
This marks David’s second stint in the role, having previously been Interim CEO from December 2023 until September 2024 while the company sought a replacement for Jette Nygaard-Andersen.
Pierre Bouchut, Senior Independent Director, will serve as Interim Chair of Entain plc during the company’s transition period.
Market Reaction and Investor Concerns
The market has reacted poorly to the news that Isaacs, who started as Chief Executive in September 2024, has departed after less than six months.
As the markets opened in London, shares in Entain plc dropped by 10%. Stella David sought to reassure investors, claiming all was moving as expected. She said: “Entain is making strong progress in delivering our strategic priorities. We would like to thank Gavin for his contribution.”
When addressing performance, Entain reiterated that it is comfortable with market expectations for FY2025. Further details on Entain’s 2024 financial year and current trading will be provided on 6 March 2025.
“The Board is pleased with the Group’s performance in 2024 and trading so far this year. As announced on 13 January 2025, FY2024 Group EBITDA is expected to be at the top of the £1,040m-£1,090m guidance range,” David continued.
She concluded: “The Board and management remain aligned on the Group’s focus on operational excellence and maximising shareholder value. I look forward to leading the business as we continue to accelerate our performance.”
Isaacs joined the firm with 25 years of experience in the global sports betting, iGaming, and lottery industries. He served as Non-Executive Director at Games Global, having previously served as Chair.
Isaacs has held board or C-level roles at Scientific Games, DraftKings, SHFL Entertainment, Bally Technologies, and Aristocrat.
On his appointment, he commented, “I am very excited to be joining Entain. The company’s iconic brands, exceptional talent, and ongoing execution of its refocused strategy will enable the business to return to a leadership position across all aspects.”
Entain’s search for a new CEO will begin immediately.