Entain Plc, an international sports betting, and gaming group reports that its Chief Executive Officer, Jette Nygaard-Andersen, has notified the Board of her resignation from the group immediately.
Stella David, who is now a non-executive director, has been requested by the Board to temporarily take over as CEO. Stella will assume the position this week and stay in it until a long-term replacement has been identified. Entain Jette Nygaard-Andersen Resignation
I have been a Director of Entain for almost three years and have seen up close the extraordinary hard work that Jette and her team have put in overhauling the culture and practices at Entain. I look forward to helping to build on the strong foundations for future commercial success that she leaves behind her.
Stella David, Interim CEO Entain
David serves on the boards of several retail and entertainment companies, including Bacardi, Domino’s Pizza, Vue Cinemas, and Norwegian Cruise Line Holdings.
This announcement comes after Entain and the UK’s HMRC reached a settlement on the fine related to the management team of the company’s Turkish subsidiary, which the operator sold off more than five years ago in 2017, for violating the country’s Bribery Act.
The settlement terms, which were revealed on November 24, mandate that Entain pay a monetary fine and disgorge earnings of £585.5 million. In addition, the company will donate £20 million to charity and pay £10 million toward HMRC and CPS expenses.
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These will be paid over four years in installments. The date of commencement will be determined by the ultimate court approval.
The overall cost of Entain’s penalty, which included a main fine of 585 million pounds and auxiliary expenditures of 30 million pounds, was 615 million pounds.
Barry Gibson, the chairman of Entain, paid tribute to departing CEO Ingrid Nygaard-Andersen and her tenure. Entain Jette Nygaard-Andersen Resignation
Under Jette’s leadership, Entain has executed a fundamental strategic shift towards regulated or regulating markets, overhauled its governance, transformed its operations, and significantly improved its customer offering.
Barry Gibson, Chairman Entain
Nygaard-Andersen evaluated her tenure in the position: “The past three years have been rewarding and challenging in equal measure. The resolution of the HMRC investigation into the legacy business, which was sold by a former management team in 2017, offers a clean inflection point for me and for Entain.
The group is now safe, stable, and sustainable and I believe that this is the right time to move on to other business and career opportunities.”
