Entain CEO steps down with immediate effect
Jette Nygaard-Andersen calls time on spell in charge following conclusion of HMRC investigation and reported discontent among investors
Entain CEO Jette Nygaard-Andersen has stepped down from her role with immediate effect.
The Dane replaced former CEO Shay Segev in the summer of 2021 after he moved to streaming giant DAZN just six months into the top job at Entain.
Nygaard-Andersen, who did not previously have industry experience bar being a non-executive director with Entain since 2019, had come under pressure in recent weeks.
According to reports from the Financial Times, activist investors had been agitating for the CEO to step down amid concerns over the group’s M&A activity and recent strategy.
Investors have also seen Entain shares tumble almost 40% this year, wiping billions of pounds off the value of a business that owns the likes of Ladbrokes, Coral, bwin and PartyCasino.
The FTSE 100 business confirmed Nygaard-Andersen would be replaced in the interim as CEO by Stella David.
David, currently a non-executive director with Entain, will step up this week and remain in the post until a replacement has been found.
She previously served as CEO of William Grant & Sons and as chief marketing officer for drinks company Bacardi, before moving into a series of non-executive director roles with pizza group Domino’s and Norwegian Cruise Line Holdings.
Nygaard-Andersen’s departure comes after the conclusion of the HMRC investigation into alleged bribery connected to Entain’s previously owned Turkey-facing business from 2011 until 2017.
Entain will pay £585m, along with a £20m charitable donation and £10m in costs, following the conclusion of the case.
Speaking on her decision to step down, 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.”
Meanwhile, chairman Barry Gibson commented: “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.
“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.”