Australian racing and wagering giant Tabcorp has announced that both CEO David Attenborough and Chairman Paula Dwyer will depart within the next 12 months as the company looks to transition to a new era.
Dwyer, Chairman since 2011, will retire from the board on 31 December 2020 with her role to be assumed by current non-executive director Steve Gregg.
She will be followed within the first six months of 2021 by Attenborough, with Tabcorp revealing in an ASX filing on Thursday that it has already begun a global search for his successor.
Both executives cited the company’s successful AU$11 billion (US$7.85 billion) merger with Tatts Group, formalised in late 2017 but only nearing full completion in 2020, as the catalyst for their decision to move on.
“With the integration of Tatts nearing completion, the time is right now for a new Chairman to lead the Tabcorp board into the future,” Dwyer said.
Attenborough added, “The combination with Tatts is now largely complete and, as such, now is the right time to start the process to appoint the next CEO who can work with the board and management team to take the company forward.
“Until then I am totally committed to steering Tabcorp through the COVID-19 pandemic and ensuring that our businesses are best positioned for the future.”
Tabcorp recently revealed it has available liquidity of AU$820 million after securing a waiver from interest cover covenants in relation to two testing dates in 2020.
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