Jette Nygaard-Andersen, boss of Ladbrokes owner Entain, has left with immediate effect, following reports that shareholders were unhappy with her leadership, dealmaking and private jet use.
She leaves just a week after the finalisation of a deferred prosecution agreement with the Crown Prosecution Service over alleged bribery at Entain’s former Turkey-facing arm.
Nygaard-Andersen became boss in 2021, after previous CEO Shay Segev stepped down after only months in charge. She led the business during a period where it aimed to distance itself from its past under Segev’s predecessor Kenny Alexander, who left over the Turkey probe. As CEO, Nygaard-Andersen set out plans to only do business in countries where gambling is specifically regulated.
Barry Gibson, Chairman of Entain, said: “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.
“It is no exaggeration to say that the HMRC investigation posed a number of threats to our Group. As the court last week recognised in approving a deferred prosecution agreement (DPA), had the matter not been resolved by way of a DPA, the consequences to the company and all of its stakeholders could have been disproportionate. The overhaul of the business model, strategy and culture of the Group in recent years was vital to securing the successful conclusion of a DPA process."
However, she came under fire from some shareholders, who questioned her decision to spend big on "bolt-on" deals. One shareholder said the board was 'tone deaf' for its decision to raise cash at a discount to buy Polish bookie STS. A report in the FT last week suggested pressure against her was growing, and claimed she had earned the nickname "private Jette" for her use of the company plane.
Gibson added: “We are all indebted to Jette for her dedication to steering the company through such a difficult time. She has also led the executive team in devising a new commercial strategy that I am confident will lead to stronger organic growth and a more profitable Entain. On a personal note, I am sorry to see Jette leave the business.
Jette Nygaard-Andersen said: “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.”
Nygaard-Andersen earned £1.9 million last year. Her maximum pay for this year was set at £8.5 million, though this would have required significant share price growth. Entain shares are down 40% for the year.
Non-executive director Stella David will become interim CEO while Entain looks for a full-time boss.
