Entain CEO Jette Nygaard-Andersen has resigned amid rumors of “internal unrest.”
Entain (OTC: GMVHF ) CEO Jette Nygaard-Andersen resigned on Wednesday after nearly four years at the helm of the online gambling giant.
The Danish manager's resignation comes amid angry statements from activist investors, many of whom are dissatisfied with the company's recent results and complain about a series of failed acquisitions and missed opportunities. question.
Just weeks ago, Entain agreed to pay a £585 million ($729 million) fine to HMRC. The move is aimed at clarifying historical bribery allegations related to the company's previous black market dealings in Türkiye.
The last three years have been both rewarding and challenging," Nygard-Andersen said in a statement on Wednesday morning."The conclusions of HMRC's investigation into the legacy business sold by the previous management team in 2017 have provided me with and Entain provide a clear turning point.
"The group is now safe, stable and sustainable and I believe now is the right time to move on to other business and career opportunities," she added.
Stock Market Crash
Nygaard-Andersen took over the role in January 2021, shortly after Entain rejected a takeover bid from MGM Resorts, with which the company and Nygaard- Andersen co-owns BetMGM in the United States.
MGM's $8.1 billion proposal values the company at £13.83 a share. The price was just £8.43 on Wednesday afternoon after news of Nygaard-Andersen's resignation led to a 5% rise in prices. In October 2021, DraftKings’ acquisition bid also failed.
In recent weeks, the Financial Times has reported on "internal turmoil" at Entain over Nygaard-Andersen's management of the company, which has recently posted the worst shareholder returns in the FTSE 100 one.
During her tenure, the company spent $2 billion, primarily on regional market acquisitions, many of which underperformed. Meanwhile, MGM's U.S. deal failed to loosen DraftKings and FanDuel's stranglehold on the market.
"private plane"
According to the Financial Times, business costs have almost doubled and Nygard-Andersen's preference for traveling by private jet has caused a stir. This led to some Entain employees calling her "Private Jet," insiders reported.
Entain has asked non-executive director Stella David to serve as interim chief executive until a permanent replacement for Nygaard-Andersen is found.
Under Jette's leadership, Entain has made a fundamental strategic shift toward regulated or regulated markets, overhauled governance, transformed operations, and significantly improved customer service," said Entain Chairman Barry Barry Gibson said in a statement.
Gibson praised Nygard-Andersen for his "extraordinary leadership" during an "extremely challenging time."
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Source: www.casino.org
