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Entain plc, the global sports betting and gaming group that operates BetMGM, announced that by mutual agreement Gavin Isaacs, Chief Executive Officer, is stepping down with immediate effect, though Tuesday's announcement came as quite a surprise.
Stella David, currently Entain’s Non-Executive Chair, will now take over the role of Chief Executive Officer (CEO) on an interim basis until a permanent replacement has been found. S
David was previously Interim CEO from December 2023 until September 2024. Pierre Bouchut, currently Senior Independent Director, will become Non-Executive Chair on an interim basis.
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. As announced on 13 January 2025, FY2024 Group EBITDA is expected to be at the top of the £1,040 million - £1,090 million guidance range.
"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.”
Shares tumbled on the news Tuesday, down 12 percent.
According to Davy Research analysts, who spoke to Entain, there were "unreconcilable differences" between Isaacs and the board despite their alignment on group strategy.
Entain declined to give further details, and Isaacs did not immediately respond to Reuters' request for comment on LinkedIn.
Isaacs, 60, an American veteran in the sports betting and gaming industry, was previously a board member at U.S.-based DraftKings (DKNG.O).
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