Gambling group Entain has announced the departure of its chief executive after less than six months at the helm.
The owner of betting shops Coral and Ladbrokes said that by “mutual agreement” Gavin Isaacs was stepping down with “immediate effect”.
The surprise exit comes after previous boss Jette Nygaard-Andersen resigned at the end of 2023, following reports that shareholders were unhappy with her leadership.
Shares in Entain dropped by a 10th on Tuesday morning following the announcement.
Entain is making strong progress in delivering our strategic priorities. We would like to thank Gavin for his contribution
Entain said its non-executive chairwoman, Stella David, would become chief executive on an interim basis until it finds a permanent replacement – having previously stepped in as the temporary boss after Ms Nygaard-Andersen’s exit.
Mr Isaacs took on the role in September, ending a months-long search for a new head of the firm which had struggled against heavy losses.
Entain, which also owns BetMGM, was hit with a £585 million penalty in 2023, agreed with HM Revenue & Customs to settle charges related to alleged bribery offences in Turkey.
Mr Isaacs had been helping steer a turnaround of its financial performance and the company recently said it expects to report full-year earnings at the top of its guidance range.
It forecasts yearly earnings before interest, tax, and other costs to be between £1.04 billion and £1.09 billion.
Ms 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.”
