THE CEO of Ladbrokes has been abruptly sent packing after less than six months — breaking the record for the shortest-serving boss of a FTSE 100 firm.
Gavin Isaacs joined Ladbrokes and Coral owners Entain on September 2 last year, coming with 25 years of experience in the Vegas gambling industry.
6
6
But after just 163 days, the firm announced he would be leaving “with immediate effect”.
Shares in Entain tanked by 11 per cent yesterday as investors balked at the shock exit, plummeting by 82.20p to 660p.
The vanishing act was made all the more bizarre when the departure announcement was accompanied by a reassuring trading update — suggesting the problem was down to Mr Isaacs himself, and not the performance of the business.
One insider said there was a “fundamental personality and culture clash” with the boss.
It is thought the Aussie, 60, had a brash, no-nonsense approach, which rubbed his colleagues the wrong way.
Paul Ruddy, analyst for financial advisors Davy, said: “There were differences between him and the board which were seemingly irreconcilable.”
An Entain spokesman last night would not confirm if there had been any complaints about Mr Isaacs’ behaviour within the firm.
His departure marks Entain’s second CEO departure in 14 months, as predecessor Jette Nygaard-Andersen left in December 2023 after a probe into alleged bribery in a Turkish subsidiary, as well as the firm’s sluggish performance.
Entain chair Stella David, who stepped in after Ms Nygaard-Andersen’s departure, is to run the firm again on an interim basis but will likely decline being the permanent CEO.
Jefferies analyst James Wheatcroft said: “The negative market reaction to yet more turmoil at Entain will be slightly offset by the comfort derived from the chair, Stella David, stepping back into the interim role.”
Meanwhile, Mr Isaacs’s departure means he has beat out former Persimmon boss Dave Jenkinson in having the shortest stint in City history at the top of a London blue-chip.
But he still spent 114 days longer in charge than Liz Truss at No10, and 119 more than Brian Clough at Leeds Utd.
Stockbroker AJ Bell found that the average FTSE 100 boss spends just over five-and-a-half years in post.
Running a football club is much more ruthless — with those in charge of Championship teams serving just over nine months in the top job.
Around 18 bosses running FTSE 100 firms have been in charge for more than a decade, with Next’s Lord Simon Wolfson in post for 35 years.
Nevertheless, a record number of global CEOs left their posts in the last 36 months or less — showing investors’ impatience at achieving results, analysis by Russell Reynolds reveals.
6
DUNELM: I’M DONE
DUNELM’S boss follows star Holly Willoughby in making a major career move — departing the home furnishing retailer after seven years at the helm.
Nick Wilkinson, 58, announced his retirement yesterday, which was paired by awarding investors a special dividend.
6
6
Dunelm, which partnered with Dancing on Ice’s Holly last month, toasted its “resilience” with sales rising 2.4 per cent, and increased market share as it won over more shoppers.
Since joining in 2018, Mr Wilkinson has transformed the firm’s online business, and saw the retailer weather lockdowns, Covid supply chain issues, and now Budget worries.
He said of his approach: “Cost headwinds are a feature of retail. But growth helps.
“If we sit on our hands just waiting for it to get easier, we’ll be left behind.
“Consumers don’t wait, they are savvy.”
Mr Wilkinson will stay on as CEO until a successor is named, before pursuing his life passions of rock-climbing and charity work.
KA-SHING BIDS FOR THAMES
HONG Kong’s richest man has put in a rescue bid for troubled Thames Water.
But Li Ka-shing, boss of CK Infrastructure — which already owns a big stake in Northumbrian Water — is not the only white knight.
6
Scots utility firm Castle Water offered £4billion ahead of the deadline for bids, which closed on Monday.
France’s Corvalis, backed by the country’s waste water giant Suez, is interested as well.
Li’s fund is said to be confident that it can secure approval from regulators.
But rival bidders will argue that a competition inquiry into the UK private water owner will delay Thames’s rescue as it stares down financial ruin.
Thames Water is separately waiting for a court to approve a lifeline from bond investors.
The alternative is a government-backed special administration, as it will run out of cash by the end of next month.
BP’S FALL IN PROFIT
THE boss of energy giant BP yesterday vowed to “fundamentally reset our strategy” after a tumbling in profits.
BP reported a slump in profits to £7.9billion from £11billion the previous year while activist hedge fund Elliott is set to push for a shake-up.
Murray Auchincloss told investors there would be a “new direction for BP and not business as usual”.
The overhaul is expected to be a watering-down of BP’s investment in green renewable energy
LOITTE OF GENDERS
DELOITTE has told its UK staff to keep using gender pronoun markers on emails — hours after telling US staff it had to remove them.
The “Big Four” consulting giant chose to “sunset” its diversity targets across the pond in the wake of Donald Trump’s White House return.
The President has made sure federal contracts will not be handed to firms who “promote gender ideology.”
But Deloitte’s UK boss told staff the move was only to comply with US laws, and it was committed to “building an inclusive culture.”
AIRPORT LIFTS OFF
HEATHROW will today unveil a multi-billion pound investment to expand the airport and terminal ahead of building its third runway.
The nation’s biggest airport is heading to a British Steel plant to commit to using UK-made metal wherever possible — a move welcomed by the Government.
It is hoped to secure thousands of factory jobs — with the new runway alone expected to need 400,000 tonnes of steel to complete.
It may set back fears for the industry amid the recent steel tariffs move in the US.
Unlock even more award-winning articles as The Sun launches brand new membership programme – Sun Club.
