Entain chairman to step down as hunt for top boss continues

Barry Gibson will stand down by the end of September and will be replaced by interim chief executive Stella David.

Ladbrokes and Coral owner Entain has revealed its chairman Barry Gibson plans to step down later this year (Mike Egerton/PA) (PA Archive)

Ladbrokes and Coral owner Entain has revealed its chairman plans to step down by the end of September as the gambling giant also hunts for a permanent chief executive.

The group said Barry Gibson would retire after just over four years in the role.

Interim chief executive Stella David will replace him as chair.

It comes as the group searches for a new top boss after JetteNygaard-Andersen stepped down suddenly in December just weeks after a legal settlement and sports results that went against the bookmaker.

It has been a privilege to lead the board of Entain for the past four years

Barry Gibson

Ms David, formerly a non-executive director at Entain, took over at the helm on an interim basis.

Entain said the search for a permanent chief executive was “ongoing and is progressing well”.

It added that Mr Gibson may step down earlier than the end of September, depending on the timing of a chief executive appointment.

Mr Gibson said: “It has been a privilege to lead the board of Entain for the past four years, and while I have thoroughly enjoyed my time at this dynamic, exciting and innovative business, I reflected a little while ago that 2024 would be the right time for me to retire.

“I am delighted that, in Stella, Entain has an exceptional successor who knows the business well and has already proven herself to be a firm hand on the tiller in her role as interim chief executive.”

Ms David said: “I am entirely focused on my role as interim CEO as we work to accelerate our operational strategy, and look forward to taking over the baton from Barry in due course.”

Entain’s recent annual results laid bare a tough past year for the group.

It swung to a pre-tax loss of £842.6 million from profits of £102.9 million in 2022 after paying £585 million to resolve a probe into alleged bribery at a former Turkish subsidiary, as well as impairment charges largely related to the Australia operations.

The firm also warned that earnings over the year ahead will be affected by around £40 million because of regulatory changes in the UK and the Netherlands.

Entain has also been under pressure from activist investors, revealing in January that it had appointed Eminence Capital founder and boss Ricky Sandler to its board.

Mr Sandler had previously called for the group to sell off some or all of its stake in a major US joint venture.

He now sits on Entain’s capital allocation committee as well as its people and governance committee.

Entain is also pressing ahead with plans to simplify the business and make annual savings of £70 million by 2025.