Ladbrokes Casino and Bookmaker Begins the Search For New Chief Executive
Current CEO Richard Glynn was given the warning from investors earlier this year that his job was on the line unless he could make a turnaround for the company. When he didn’t deliver, the ultimatum came to fruition. For now he’s staying on until a replacement can be found by the bookmaker.
Over the last year Ladbrokes stock price has been in steady decline, falling from 170 to 118 in just 12 months.
The decision stems from investor’s ire after learning the value of Glynn’s pay packet last year actually improved by 85pc to £4.7m despite a 66pc fall in the bookmaker’s 2013 profits.
The company admits economic and regulatory hurdles contributed to the conclusion, with the desire to focus on sustainable growth and a stronger foundation in operation and digital platforms making its way into the foreground as the next CEO takes his or her place.