Entain chairman Barry Gibson to step down in September as search for new chief executive continues

Entain's chairman Barry Gibson has announced he is to step down by the end of September as the parent company of Ladbrokes and Coral continues its search for a new chief executive.

Interim chief executive Stella David will become chair on Gibson's retirement.

Gibson was appointed to the board of Entain in November 2019 and became chair the following February, with the last 12 months having been particularly turbulent for the company.

Last year Entain paid a total of £615 million in penalties, charitable donations and costs following the conclusion of a long-running investigation by HMRC into bribery claims surrounding a Turkish-based business owned by Entain's predecessor, GVC Holdings, between 2011 and 2017.

Then chief executive Jette Nygaard-Andersen left Entain four months ago following a period of investor unrest about the company's performance.

Entain said the search for a new permanent chief executive was "progressing well" and Gibson may step down before September depending on the timing of any new appointment.

Gibson said: "It has been a privilege to lead the board of Entain for the past four years, and while I have thoroughly enjoyed my time at this dynamic, exciting and innovative business, I reflected a little while ago that 2024 would be the right time for me to retire.

"I am delighted that, in Stella, Entain has an exceptional successor who knows the business well and has already proven herself to be a firm hand on the tiller in her role as interim CEO.”

David was senior independent director at Entain from March 2021 and became interim chief executive in December.

She said: "Barry has been a wonderful mentor and source of wise counsel to so many people during his time as chair of Entain, and I would like to personally thank him for his unwavering support. 

"The fact that we now have a solid platform and a clear plan for future growth is due in no small part to his efforts. I am entirely focused on my role as interim CEO as we work to accelerate our operational strategy, and look forward to taking over the baton from Barry in due course."

David Brohan, gaming and leisure analyst at stockbrokers Goodbody, described David as "the right candidate for the job". 

He added: "The next step for Entain will be to appoint a permanent CEO, with improvements in online performance and market share gains in the US both markers to watch out for as the year progresses."

Entain's share price was up 13.8p at 773p on Thursday morning.

Read these next:

'We are now firmly on the right road' - chairman Barry Gibson reflects on a turbulent year for Entain 

Entain admits affordability checks have been 'overly complex' for customers 

Speculation about Entain's future continues as critic Ricky Sandler joins gambling giant's board 

The Front Runner is our unmissable email newsletter available exclusively to Members' Club Ultimate subscribers. Chris Cook, the reigning Racing Writer of the Year, provides his take on the day's biggest stories and tips for the upcoming racing every morning from Monday to Friday. Not a Members' Club Ultimate subscriber? Click here to join today and also receive our Ultimate Daily emails plus our full range of fantastic website and newspaper content.