The CEO of UK gambling giant Entain plc, Jette Nygaard-Andersen, has stepped down with immediate effect following a recent settlement agreement for alleged bribery offences at the group’s Turkish arm.
Amid reports that shareholders were unhappy with her performance after Entain was granted permission by the British courts to agree the £585 million settlement – the result of a four-year investigation by HM Revenue & Customs (HMRC) – Nygaard-Andersen advised of her departure on Tuesday, with con-executive director Stella David to become interim CEO.
Despite the controversy, Entain chairman Barry Gibson said Nygaard-Andersen had offered “exceptional leadership during what has been a hugely challenging period”, adding that the HMRC investigation had posed a number of threats to the group.
“As the court last week recognised in approving a deferred prosecution agreement (DPA), had the matter not been resolved by way of a DPA, the consequences to the company and all of its stakeholders could have been disproportionate,” he said. “The overhaul of the business model, strategy and culture of the Group in recent years was vital to securing the successful conclusion of a DPA process.
“We are all indebted to Jette for her dedication to steering the company through such a difficult time. She has also led the executive team in devising a new commercial strategy that I am confident will lead to stronger organic growth and a more profitable Entain. On a personal note, I am sorry to see Jette leave the business.
Nygaard-Andersen added, “The past three years have been rewarding and challenging in equal measure. The resolution of the HMRC investigation into the legacy business, which was sold by a former management team in 2017, offers a clean inflection point for me and for Entain. The Group is now safe, stable and sustainable and I believe that this is the right time to move on to other business and career opportunities.”
Entain operates online casino and sports betting products globally, including Australian sportsbooks Ladbrokes and Neds.
