Richard Glynn to Step Down as CEO of Ladbrokes
After nearly five years with the online gaming giants, Chief Executive Officer, Richard Glynn, has made the decision to leave the company after leading the London based sportsbook through a fundamental re-engineering of its business, operational and digital capabilities.
Richard Glynn has been at the helm of Ladbrokes since his appointment in 2010 when he was poached from Britain based sports betting specialists, Sporting Index, and announced his plans to leave his post in a statement to the London Stock Exchange and confirmed his plans to stay on as CEO until a suitable replacement could be found. Once an appointment has been made, Glynn has agreed to remain in his post so as to ensure the transition period is seamless and orderly.
During his tenure as CEO, Glynn mission has been to turn the company around within a five-year timeframe. A process that the Ladbrokes board has insisted is one track. In a statement released by the Chairman of Ladbrokes, Peter Erskine, he said: “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 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.”
The bookmaker has said that it is currently trading in line with its expectation for the current year, is more than pleased with the results during the 2014 World Cup and is confident that 2015 will see further operational and financial progress.
During the first half of 2014, Ladbrokes’s profits halved to £27.7 million, a direct result of the investment the company made in its digital gaming sector, but the board has said that the company is now ready for growth.
“It has been a privilege to lead Ladbrokes over this crucial phase,” Glynn commented during his announcement in Paternoster Square. “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 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.”
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