Ladbrokes Australia CEO Shannon departs
Dean Shannon has led Ladbrokes' Australia-facing business since its inception and will be replaced by current COO Paul Cherry
Ladbrokes Australia chief executive Dean Shannon is set to leave the firm next year to be replaced by the operator’s chief operating officer (COO) Paul Cherry, it was announced today.
Shannon has served as the operator’s CEO since September 2013 when he sold Bookmaker.com.au – which he founded in February 2012 – to Ladbrokes for AU$22.5m.
He will vacate his role in February 2017 due to “personal reasons” and continue to serve as an adviser to support the growth of the business and Cherry’s transition as CEO.
“I have enjoyed my time in the bookmaking sector and am very proud of what we have built and achieved in the Australian market,” Shannon said.
“The business has an experienced management team that is passionate about sports betting and focused on results and I firmly believe that the Ladbrokes story has much further to run.
“Paul is a talented executive and the natural choice and I am pleased that he will be given the chance to maintain Ladbrokes Australia’s momentum.”
The new CEO Paul Cherry previously worked alongside Shannon at Panda Gaming and Bookmaker.com.au, and has also been COO of Ladbrokes since its inception in 2013.
“Paul Cherry has been core to Ladbrokes’ success and has been a key part of the management team since we acquired the business,” group CEO Jim Mullen said.
“We are proud of what has been achieved in Australia and are confident in the ability of the team to take the business forward to the next stage of growth and strategic development.”
According to the operator’s H1 financial results, Ladbrokes’ Australian division posted a 42% increase in half-year revenues to £35.5m. The firm said its “differentiated approach” in the market was behind its surge with 80% of its clients taking advantage of its daily Odds Boost product.