Entain chief executive quits after gambling firm’s £585m bribery probe payout
The chief executive of Entain, the parent firm of gambling brands including Ladbrokes and Coral, has quit with immediate effect just weeks after the company agreed a £585m payout to settle a bribery probe.
A statement to the City on Wednesday morning said Jette Nygaard-Andersen had decided to step down and Stella David, currently a non-executive director, had been asked to replace her on an interim basis.
No reason was given though there have been reports of growing shareholder discontent over Ms Nygaard-Andersen’s leadership and strategy.
A recent report in the Financial Times claimed she had earned the nickname ‘private Jette’ within the firm’s finance and audit teams over a use of private planes.
She took over the business in 2021, two years after the start of an HM Revenue & Customs (HMRC) investigation into alleged bribery offences at the group’s former Turkish unit – sold off in 2017.
Under investigation were activities of suppliers and former employees of the Entain group of companies.
In particular, HMRC was looking at the alleged failure of the company to have adequate bribery prevention measures.
Shares, down by more than a third in the year to date, rose by more than 6% at the open.
“Under Jette’s leadership, Entain has executed a fundamental strategic shift towards regulated or regulating markets, overhauled its governance, transformed its operations, and significantly improved its customer offering,” chairman Barry Gibson said in a statement.
“We are all indebted to Jette for her dedication to steering the company through such a difficult time,” he added, referring to the HMRC investigation.