LONDON DAILY ARCHIVE
Entain Announces Departure of CEO Gavin Isaacs After Brief Tenure
Gavin Isaacs steps down as Chief Executive of Entain, owner of Ladbrokes and Coral, following a five-month term, with shares taking a hit upon the announcement.
11 February 2025 · 14:26 UTC
The departure was described by the company as having occurred by "mutual agreement" and took effect immediately.
Gavin Isaacs's exit follows the resignation of Jette Nygaard-Andersen, who stepped down at the end of 2023 amid reported dissatisfaction from shareholders regarding her leadership.
Following the latest announcement, Entain's shares experienced a significant decline of 10% in morning trading.
Stella David, who serves as the non-executive chairwoman of Entain, will act as interim Chief Executive until a permanent replacement is appointed.
David previously held the position of temporary CEO after Nygaard-Andersen's departure.
Isaacs took on the CEO position in September 2023 after an extended search for a new leader, during a period when the company was reporting considerable financial losses.
Entain has also faced legal challenges, including a £585 million penalty agreed with HM Revenue & Customs in 2023 concerning allegations of bribery offenses in Turkey.
Despite the changes in leadership, Entain has indicated it is making progress in implementing its strategic goals.
The firm has recently projected that its full-year earnings for 2024 will be at the upper end of its guidance range, estimating earnings before interest, tax, depreciation, and amortization (EBITDA) between £1.04 billion and £1.09 billion.
In a statement, Stella David expressed gratitude towards Isaacs for his contributions, asserting that the board is pleased with the group’s performance in the current year and noted positive trading conditions thus far.
Entain also operates BetMGM, a significant player in the U.S. gambling market.