Glynn to step down as Ladbrokes CEO
Operator will start recruitment process for new CEO as Glynn prepares to leave in 2015
Ladbrokes is to begin the search for a new CEO after revealing current boss Richard Glynn will step down in 2015, having spent almost five years in the role.
The operator released a statement this morning confirming that Glynn will continue to serve as chief exec into the New Year and thanking him for what it described as “considerable achievements in delivering a new digital future for Ladbrokes”.
Glynn joined Ladbrokes in April 2010 having previously led the Sporting Index business for seven years between 2001 and 2008.
Upon joining the bookmaker he was issued with the remit of overhauling its digital business which at the time was markedly behind its key rivals. The firm initially sought to bolt on an online business, however talks with 888 over a £240m takeover collapsed in April 2011 and Ladbrokes failed to agree a price for the Sportingbet business six months later.
Glynn eventually settled on acquiring Dermot Desmond’s exchange betting business Betdaq in a 30m deal in January 2013, two months before Ladbrokes signed a “ground-breaking” software deal with Playtech to overhaul its digital division.
However the migration to Playtech’s back-end proved to be more turbulent than planned and was hit by numerous delays, most notably down to Ladbrokes having to operate on dual platforms while its previous software agreement with rival supplier Microgaming was ongoing.
After admitting that his firm had “underestimated the disruption” caused by the migration, Glynn found himself under increasing pressure to deliver progress and reports emerged in October last year that chairman Richard Erskine had given him until the summer of 2014.
Ladbrokes completed its migration earlier this year, yet speculation once again surrounded Glynn’s future at the company ahead of its 2013 full year results disclosure in February with the Telegraph having stated him to be in a “race against time” to deliver a strong set of results.
The bookmaker returned to growth in Q3, buoyed by a strong sportsbook performance and growth in international markets, but Ladbrokes’ share price has continued to underperform and at yesterday’s close of 113.5p is less than half the 280p target price Glynn was set at his appointment.