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Entain CEO Jette Nygaard-Andersen Resigns Amid ‘Unrest’

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Posted on: December 13, 2023, 08:44h. 

Final up to date on: December 13, 2023, 11:08h.

Jette Nygaard-Andersen, the CEO of Entain (OTC: GMVHF), stepped down Wednesday after nearly 4 years on the helm of the web playing big.

Jette Nygaard-Andersen, Entain
Jette Nygaard-Andersen has resigned from the function she held since January 2021, to get replaced within the quick time period by interim CEO Stella David, the web playing big mentioned Wednesday. (Picture: Entain)

The Danish government’s resignation got here amid disgruntled noises from activist buyers, a lot of whom are dissatisfied with the corporate’s current efficiency and who’ve questioned a sequence of misfiring acquisitions and missed alternatives.

It additionally comes simply weeks after Entain agreed to pay a £585 million (US$729 million) penalty to HMRC, the UK tax authority. That was to settle historic bribery accusations associated to the corporate’s former black-market Turkish operations.

The previous three years have been rewarding and difficult in equal measure,” Nygaard-Andersen mentioned in a press release Wednesday morning. “The decision of the HMRC investigation into the legacy enterprise, which was offered by a former administration workforce in 2017, gives a clear inflection level for me and for Entain.

“The group is now secure, secure, and sustainable, and I consider that that is the proper time to maneuver on to different enterprise and profession alternatives,” she added.

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Nygaard-Andersen landed the function in January 2021, shortly after Entain rejected a takeover bid by MGM Resorts Worldwide, with whom it collectively owns BetMGM within the U.S.

The $8.1 billion MGM proposal valued the corporate at £13.83 a share. On Wednesday afternoon, it was value simply £8.43, and that’s after climbing 5% on the information of Nygaard-Andersen’s resignation. In October 2021, a takeover bid by DraftKings additionally fell by way of.

In current weeks, The Monetary Instances has reported “inside unrest” at Entain over Nygaard-Andersen’s administration of the corporate, which has been one of many poorest current performers for shareholder returns on the FTSE 100.

The corporate has spent $2 billion on largely regional-market acquisitions underneath her tenure, a lot of which have carried out badly. In the meantime, its U.S. operations with MGM have did not loosen DraftKings’ and FanDuel’s stranglehold in the marketplace.

‘Non-public Jette’

Company prices have nearly doubled, and there have been raised eyebrows about Nygaard-Andersen’s penchant for journey by personal jet, in line with the FT. This has led to some Entain staffers nicknaming her “Non-public Jette,” insiders report.

Entain has requested Stella David, a nonexecutive director, to face in as CEO on an interim foundation till a everlasting substitute for Nygaard-Andersen is discovered.

Below Jette’s management, Entain has executed a basic strategic shift in the direction of regulated or regulating markets, overhauled its governance, remodeled its operations, and considerably improved its buyer providing,” Entain chair Barry Gibson mentioned in a press release.

Gibson praised Nygaard-Andersen’s “distinctive management” throughout a “vastly difficult interval.”

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