Ladbrokes today announced the departure of their Chief Executive Richard Glynn after almost a year of the axe hovering over the boss of the second largest UK bookmaker since investors threatened him with removal if results and business did not improve.
Mr Glynn joined the company in 2010 when he was poached from Sporting Index, however over the last two years with the rise of William Hill their main competitor in the online business Ladbrokes started making noises earlier this year with announcing that the football World Cup would decide the Chief Execs fate. Although results for the company were good for the summer overall it was not enough to keep Glynn in his role.
Peter Erskine, chairman of Ladbrokes said: “On behalf of the board, I would like to thank Richard for his leadership of the company and his considerable achievements in delivering a new digital future for Ladbrokes. He has devoted enormous energy and dedication to securing the transformation of the company and the benefits of that work are beginning to be seen.”
“I have always said speculation comes with the turf and my focus is on what needs to be delivered,” said Mr Glynn in October when asked whether he had done enough to satisfy investors.
However, this morning Mr Glynn said that it was the “right time for Ladbrokes to identify my successor”.
It is understood that Mr Glynn has a bonus related pay structure worth £12 million when he leaves which he stated will be once the company has found a suitable replacement whether that be internal or external.