William Hill Australia set for management overhaul
Talks with long-standing Sportingbet Australia CEO Michael Sullivan taking place, with COO also reported to be stepping down
William Hill’s Australian business looks set for a major change in senior management with the UK-based firm in talks with its Australia CEO Michael Sullivan, and reports suggesting both he and the COO are about to step down.
“We can confirm that William Hill, and Sportingbet Australia CEO Michael Sullivan are in discussions about the future of the leadership of the Australian operations,” the operator said in statement.
The Sydney Morning Herald this morning reported Sullivan “ who became chief executive of William Hill Australia at the time of its purchase of Sportingbet last year “ and COO Anthony Waller could be on their way out of the business with immediate effect.
Sullivan, who has overseen Sportingbet Australia since it opened a betting shop in the Northern Territory in 2002, was tasked by William Hill CEO Ralph Topping to turn the Australia business a success.
But the current William Hill Australia CEO is famed for taking on big staking punters and it is understood this appetite is at odds with William Hill’s prudent approach to risk management.
Following William Hill’s AU$660m (£485m) takeover of Sportingbet and Centrebet last year Sullivan and his senior management team is in line for a £15m shared retention bonus payable in 2017 and 2018.
It is unknown whether Sullivan would miss out on his share of the bonus should he leave the company with the issue likely to be part of the current ongoing discussions.
William Hill currently operates three separate brands within its Australia operations, having also acquired online bookie Tom Waterhouse in August 2013.
It was previously rumoured to be considering rolling its entire Australian business into one brand, however the company has since clarified that all three will remain for the time being.
In last week’s Q1 announcement Topping highlighted the company’s Australian business as an important avenue for growth in the future following a 11% year-on-year increase in sports betting amounts wagered and 3% growth in net revenue.
It said in a statement today that it projects to grow at 16% per annum over the next five years.