Operator News
UK – Entain CEO hands in notice amid MGM takeover negotiations
By Lewis - 11 January 2021
Entain’s CEO, Shay Segev, has given notice to leave the company to become Co-CEO of DAZN, a privately owned global sports streaming platform.
The shock departure is amid MGM’s £8bn all-shares takeover offer which Entain rejected out of hand for undervaluing the company and its prospects.
Mr. Segev has a notice period of six months and will remain in his current role for that period or until a successor is in place. Mr. Segev was appointed CEO in July 2020 after Kenny Alexander’s departure following 13 years at the helm.
“We are sorry that Shay has decided to leave us but recognise that we cannot match the rewards that he has been promised,” commented Barry Gibson, Chairman of Entain.
“Entain has a wealth of talent across its leadership team and the business has never been stronger. The company has delivered 20 quarters of double-digit online growth, and our future prospects have been substantially enhanced by our new strategy, which we set out in November.
“We have built a truly global business which is entirely based on our own technology and offers our best-in-class entertainment services in more than 20 nationally-licensed countries.
“I can confirm that this changes nothing with respect to the board’s view of the recent proposal from MGM Resorts International to acquire Entain. The board remains unanimous in our view that the proposal significantly undervalues the company and its prospects.”
Shay Segev, CEO of Entain, said: “I will be sad to leave the company after five years but I have been offered a role which offers me a very different type of opportunity.
“Entain is in great shape after the successful launch of our new strategy. I also want to emphasise that the recent interest from MGM Resorts has had absolutely no bearing on my decision, and I fully support the Board’s decision to reject their proposal.
“Entain has a great team of leaders and an exciting future ahead through its growth and sustainability strategy, and I will do all I can to continue to support the company.”
