Gambling industry giant Entain has confirmed the appointment of Gavin Isaacs as its new CEO.
Formerly known as GVC Holdings, the parent company of established betting brands such as BetMGM and Ladbrokes has concluded its search for a new leader after the departure of Jette Nygaard-Andersen.
Her exit followed a long-running bribery scandal that hampered the company, contributing to a downward spiral that resulted in significant losses of £879 in its most recent annual results.
Mr. Isaacs will take up his role on September 2, relieving Stella David from her duties as acting CEO at the London-listed firm. David will replace Barry Gibson as company chair on September 30, when he retires.
The outgoing interim boss welcomed the arrival of her new colleague.
“The positive progress we have already achieved means the business has strong building blocks in place for the future. I am confident that with Gavin’s leadership, we will realize the ambitious plans that we have for Entain.”
Isaacs is considered as an industry stalwart, time-served at recognized entities such as DraftKings, Scientific Games, and Bally Technologies. His most recent position was as chairperson at Games Global.
He expressed his excitement and anticipation at the prospect of the upcoming challenge.
“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,” Isaacs stated.
“I am confident that Entain has an extremely bright future. I look forward to leading the group in capitalizing on the opportunities ahead and creating value for all its stakeholders,” he added.
We’re proud to announce the appointment of Gavin Isaacs as our new CEO, effective from 2nd September. With over 25 years of experience across the global sports betting and gaming industries, Gavin brings a wealth of industry expertise to Entain.
Read more: https://t.co/WzltXudS9Y pic.twitter.com/ZE3xmgBxZG— Entain (@EntainGroup) July 22, 2024
Immediate challenge for new Entain boss Isaacs
The landmark losses for Entain in recent times can be directly attributed to the bribing scandal, representing a significant proportion of the total figure.
A penalty of around £585 million was agreed with HM Revenue & Customs to settle charges related to alleged bribery offenses in Turkey. In addition, Entain will make a £20m charitable donation and contribute a further £10m towards HMRC and CPS costs.
Nygaard-Andersen resigned in December last year after the settlement, following disgruntlement from shareholders about her leadership and the direction of the company.
One of Isaacs’ immediate concerns will be a pending group claim on behalf of several investors, filed against the firm. It is alleged that Entain did not provide clarity to the concerned parties on the historical offenses in Turkey.
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