Entain has announced that its Chairman Barry Gibson is stepping down from his role.
Gibson, who joined the Entain board in December 2019 before becoming Chair in February 2020, will leave by September and be replaced by interim CEO Stella David.
Entain credits Gibson with playing an “integral” role in the transformation of the company from GVC to Entain and finding a resolution to an investigation into the group’s legacy Turkish-facing operations.
“It has been a privilege to lead the Board of Entain for the past four years, and while I have thoroughly enjoyed my time at this dynamic, exciting and innovative business,” said Gibson. “I am delighted that, in Stella, Entain has an exceptional successor who knows the business well and has already proven herself to be a firm hand on the tiller in her role as Interim CEO.”
David may take up the role earlier than September depending on Entain’s search for a new Chief Executive, which it says is “ongoing” and “progressing well”.
David was appointed as interim CEO due to the resignation of Jette Nygaard-Andersen following unrest among investors about the group’s poor performance.
“Barry has been a wonderful mentor and source of wise counsel to so many people during his time as Chair of Entain, and I would like to personally thank him for his unwavering support. The fact that we now have a solid platform and a clear plan for future growth is due in no small part to his efforts,” added David.
Entain under fire from investors
At the start of the year Entain appointed Eminence Capital CEO Ricky Sandler to its board of directors following criticism over its M&A strategy.
Sandler criticized Entain following its $957 million acquisition of Polish sportsbook operator STS, describing the move as “perplexing on so many levels”.
He also claimed that Entain was not placing suitable value on BetMGM, a joint venture between Entain and MGM Resorts, which generated $2 billion in net revenue in 2023. In an earnings call, David acknowledged that this was the case.
Last month it was reported that Entain is working with Oakvale Capital on a prospective sale of its online poker business PartyPoker amid the company’s poor performance. Other brands from within the group are also reportedly for sale including Foxy, Eurobet and Crystalbet.
