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UK – Ladbrokes looking for new CEO

By - 4 December 2014

With pressure mounting due to poor digital returns, British bookmaker Ladbrokes is looking for a new CEO to replace Richard Glynn.

Mr. Glynn is to be replaced after four and a half years in charge. Ladbrokes, under the leadership of Mr. Glynn, had been implementing a fundamental re-engineering of its business and operational and digital capabilities.

As this year has progressed, it has become increasingly clear to the board that the necessary organisational and operational changes have been implemented and the benefits of the transformation plan are beginning to come through. Whilst the Board acknowledges that the recovery programme has taken longer to deliver than initially anticipated, in great part due to economic and regulatory headwinds, the Board believes that the changes made are now deeply embedded in the organisation and that increasing attention should now be focused on delivering sustainable growth from a much stronger operational and digital platform.

With four weeks to go the company is trading in line with its expectations for the current year and is confident that 2015 will see further operational and financial progress.

Richard Glynn was appointed CEO of Ladbrokes in April 2010, with a clear mandate to implement the recovery programme within a five year term. Following extensive and constructive discussions between the Board and Richard, it is intended that he will complete his term and continue in his role as CEO into 2015. The Board will shortly start a process to identify his successor and the search will evaluate both internal and external candidates. Once an appointment has been made, Richard has agreed to remain in post as required to ensure an orderly transition.

Peter Erskine, Chairman of Ladbrokes, commented: “On behalf of the Board, I would like to thank Richard for his leadership of the Company and his considerable achievements in delivering a new digital future for Ladbrokes. He has devoted enormous energy and dedication to securing the transformation of the Company and the benefits of that work are beginning to be seen. I am pleased that he will both see through the final steps of the implementation plan and be on hand to facilitate an orderly succession process. Ladbrokes has been transformed and is a far stronger company as a result of his work. ”

Richard Glynn commented: “Everyone at Ladbrokes has worked incredibly hard over the past, nearly five years, to deliver the transformation programme. We have faced significant operational challenges, as well as economic and regulatory headwinds. However I am pleased that the business is fundamentally stronger than it was and now has the operational and digital capabilities to compete effectively. We have delivered against all of the recent milestones and increasingly shown real competitive momentum.”

“It has been a privilege to lead Ladbrokes over this crucial phase. I am very proud of the resilience and professionalism the team has shown during this intense period of activity. It is the right time for Ladbrokes to identify my successor. I will continue to serve the company to help ensure a smooth succession I look forward to the Company, the shareholders, our partners and in particular everyone in the team reaping the benefits, over the next few years, of all that has been sown.”

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