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Entain PLC on Tuesday said Gavin Isaacs has stepped down as chief executive officer with immediate effect, after only around five months in the role.
Shares in Entain were down 10% to 666.80 pence in London on Tuesday morning.
The Isle of Man-based betting operator, which owns Labrokes and Coral, said Isaacs, who started on September 2, departs ‘by mutual agreement’.
Non-Executive Chair Stella David once again assumes the role of interim CEO, a post she held from December 2023 until September 2024.
Pierre Bouchut, currently senior independent director, will become non-executive chair on an interim basis.
Previous CEO Jette Nygaard-Andersen resigned at the end of December 2023 after the company was hit with a £585 million penalty in relation to bribery offences at its former Turkish firm.
Stella David said: ‘Entain is making strong progress in delivering our strategic priorities. We would like to thank Gavin for his contribution. The board is pleased with the group’s performance in 2024 and trading so far this year.’
Entain said forecasts financial 2024 earnings before interest, tax, depreciation and amortisation at the top of the £1.04 billion to £1.09 billion guidance range.
David said: ‘The board and management remain aligned on the group’s focus on operational excellence and maximising shareholder value. I look forward to leading the business as we continue to accelerate our performance.’
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