International sports betting giant Entain has announced that its chair Barry Gibson is set to step down from the role and retire by the end of September.
Indeed, Gibson may potentially step down earlier depending on the progress of the appointment of a new permanent chief executive at Entain.
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Current Entain interim chief executive Stella David is set to take over as chair upon Gibson’s departure depending on when Entain replaces her in her own current role.
Gibson was first confirmed as Entain chair in February 2020, when the company was known as GVC Holdings, following the exit of longtime previous chair Lee Feldman, whose departure and subsequent major share sale plunged confidence and share price in the company.
In an official statement Entain credited Gibson, who had previously served as a director at UK bookmaker William Hill and sports betting brand bwin (owned by Entain), with overseeing a “significant improvement” in Entain’s operational quality and was “integral” in changing the brand’s name from GVC to Entain, a switch which was aimed at signifying the group’s new, regulated, sustainable business model.
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Over Gibson’s time in charge, Entain states that its pre-tax earnings have grown by as much as 50% in 2023 from 2020, up to £1 billion ($1.26 billion).
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By GlobalDataFurthermore, the success of Entain’s BetMGM joint venture with MGM Resorts, which is licensed in several of the US' most lucrative betting markets and has partnered with a number of major sports organizations, has also come under Gibson’s watch.
Entain owns a number of major sports bookmakers including Ladbrokes, Coral, and a 50% stake in BetMGM.
David stated of her predecessor: “The fact that we now have a solid platform and a clear plan for future growth is due in no small part to [Gibson’s] efforts.”
David became interim chief executive of Entain in December 2023, having joined the company as senior independent director in February 2021.
Pierre Bouchut, senior independent director stated of her appointment: “The board has been succession planning and reviewing potential options to replace him and we are delighted that Stella will be taking over as chair. Her extensive board and chair experience as well as her time as interim CEO will be hugely beneficial to the board and the wider group as she takes on her new role.”
Entain stated with the announcement of Gibson’s departure that the search for a permanent chief executive is ongoing.
