Entain Plc has confirmed that Gavin Isaacs has resigned as Group CEO of the FTSE100 gambling group with immediate effect.
Chair, Stella David, will once again assume the role of Interim CEO as the board of Entain initiates a new executive search to find Isaacs’ replacement.
The transition period will see Senior Independent Director Pierre Bouchut will take on the role of Interim Chair of Entain Plc.
Updating investors, Stella David said: “Entain is making strong progress in delivering our strategic priorities. We would like to thank Gavin for his contribution.
“The Board is pleased with the Group’s performance in 2024 and trading so far this year. As announced on 13 January 2025, FY2024 Group EBITDA is expected to be at the top of the £1,040m-£1,090m guidance range ($1,292m-$1,355m).
“The Board and management remain aligned on the Group’s focus on operational excellence and maximising shareholder value. I look forward to leading the business as we continue to accelerate our performance.”
Gavin Isaacs was announced as CEO of Entain in July 2024, concluding a near eight-month succession plan led by the board of Entain. The former President of Scientific Games Corporation (SGC) and chairman of SBTech officially took leadership of the FTSE firm on 1 September.
The appointment of Isaacs as CEO was viewed positively by markets, as Entain had secured a leader with extensive experience in gambling and corporate transformations to return the PLC back to growth and harmonise relationships with investors.
Isaacs was tasked with executing Entain’s new corporate strategy, implementing the recommendations of the Capital Allocation Committee (CAC) to restore the company to growth and shareholder value following a difficult 2023, in which the company reported losses of £900m.($1,118m.).
During his tenure as CEO, Isaacs reported on one quarter of trading in Q3 2024, during which Entain returned to growth in its home market of the UK and Ireland, reporting a 6% increase in online revenues. Meanwhile, in North America, Entain detailed improved trading for BetMGM, which had undertaken key technical upgrades as part of Project Romer to enhance its sportsbook performance.
In January, Entain’s momentum was disrupted by news that the UK’s Financial Reporting Council (FRC) had launched an investigation into its auditor, KPMG, over the audit of Entain’s 2022 financial accounts.
The FRC did not disclose the specific reason for the investigation. However, it has added to the scrutiny surrounding Entain, whose reputation was damaged by a 2023 settlement with HMRC over a bribery infringement, which cost the Plc £600m($744m.).
The update concluded that Entain remains “comfortable with market expectations for FY2025.” Further details on Entain’s FY2024 results and current trading will be provided on 6 March 2025.
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