Ladbrokes’ owner Entain’s shares nosedived this morning after its chief executive quit following just five months in the job.
The global sports betting giant said Gavin Isaacs had left the job “by mutual agreement” and with immediate effect.
Reporting to markets this morning, Entain said its non-executive chair, Stella David, will take over the role until a permanent boss is found. David was previously interim CEO between December 2023 and September 2024.
Its board said Entain remains “aligned on the group’s focus on operational excellence and maximising shareholder value.”
However, the announcement seemed to spook the market. Shares in the company dropped by more than 10 per cent in early trades.
The stock has lost 35 per cent in the last 12 months.
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.”
Matt Britzman, senior equity analyst, Hargreaves Lansdown said: “UK markets are shrugging off Trump’s latest tariff storm, with the FTSE 100 rising at the open, extending gains from yesterday to reach another all-time high. But the real drama is in the boardroom – Ladbrokes owner Entain has abruptly parted ways with CEO Gavin Isaacs after less than six months in the role.”
“Details are scarce, and while Entain used the moment to reassure investors that it’s on track to meet 2025 profit expectations, sudden leadership shake-ups rarely go down smoothly – questions will be flying.