Ladbrokes Starts Looking For Successor To Chief Executive Glynn

LONDON (Alliance News) - Ladbrokes PLC Wednesday said it will start looking for a replacement for ...

Alliance News 3 December, 2014 | 7:15AM
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LONDON (Alliance News) - Ladbrokes PLC Wednesday said it will start looking for a replacement for Chief Executive Richard Glynn, who was given a five-year mandate to turn the business around and won't be staying on once that term ends next year.

The betting company appointed Glynn in 2010, meaning the five year term ends next year. He'll stay on while the company looks for a replacement and to ensure an orderly handover, Ladbrokes said.

"Following extensive and constructive discussions between the board and Richard, it is intended that he will complete his term and continue in his role as CEO into 2015. The board will shortly start a process to identify his successor and the search will evaluate both internal and external candidates. Once an appointment has been made, Richard has agreed to remain in post as required to ensure an orderly transition," the company said.

Glynn has struggled to turn the business around in the face of a shift to online gambling in the industry as a whole and as traditional betting companies have faced increased regulation from the government.

Ladbrokes admitted Tuesday that the turnaround hasn't gone completely to plan, but said it's trading in line with expectations for 2014 and it believes it now has the right structure in place to take the business forward.

"As this year has progressed, it has become increasingly clear to the board that the necessary organisational and operational changes have been implemented and the benefits of the transformation plan are beginning to come through," it said.

"Whilst the board acknowledges that the recovery programme has taken longer to deliver than initially anticipated, in great part due to economic and regulatory headwinds, the board believes that the changes made are now deeply embedded in the organisation and that increasing attention should now be focused on delivering sustainable growth from a much stronger operational and digital platform," it added.

"It has been a privilege to lead Ladbrokes over this crucial phase. 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 will continue to serve the company to help ensure a smooth succession," Glynn said in the statement.

By Steve McGrath;; @stevemcgrath1

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