Another High Profile Departure at Ladbrokes
Peter Erskine has announced his resignation from Ladbrokes just a few weeks after the departure of the previous chief executive officer, and just before the company’s annual general meeting.
Ladbrokes is one of the biggest brands in gambling. The operator is very well known in the United Kingdom, where its bookmaking shops are a common sight on high streets, and its online business has customers in many other parts of the world too. It has faced a number of challenges in recent years though, and in particular has struggled to keep up with its competitors in terms of online success.
Shareholders of the company aimed significant criticism at the previous CEO (Richard Glynn) for the online performance, and he announced his intention to resign last December. He was replaced by Jim Mullen last month, following an extensive recruitment process that was overseen by the chairman – Peter Erskine.
Erskine repeatedly defended Glynn against the criticism that came his way and, perhaps as a result of this, found his own position under scrutiny too. He has now announced that he too will be leaving the company, before the end of the year, in the following statement.
“Since becoming chairman six years ago, Ladbrokes has undertaken the necessary and difficult journey to modernize much of our business operations to enable us to compete more effectively………I feel that now, with stronger foundations in place and with our new CEO looking to build on the changes made, it is the right time for there to be a change in chairman to one who will be able to see out the entirety of the next stage of the journey.”
The timing of Erskine’s announcement is an interesting one, coming on the day of the company’s AGM. It is unlikely it will have prevented him from having to face some tough questions from shareholders on a number of issues, including the size of the payoff offered to the departing Glynn.
Ladbrokes has stated that the search for Erskine’s successor will begin immediately. It will be led by John Kelly, a non-executive director of the company and a previous CEO of Gala Coral.
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