Mar
31st

Ladbrokes Appoints Richard Glynn as Chief Executive

Major UK online and land gambling group Ladbrokes has announced that it has appointed Richard Glynn to succeed Chris Bell as chief executive.

Richard Glynn (45) will take up the role on 22nd April 2010 with Chris Bell remaining on for a short transitional period. Glynn will receive a basic salary of GBP 580,000 per year as well as 1.777m shares in Ladbrokes worth GBP 1.75m on his appointment with a further 4m shares, worth GBP 12m, over five years on condition that all performance targets are met.

Peter Erskine, chairman and former boss of Ladbrokes, reported that Richard combines entrepreneurial energy with industry experience and that his nine years of experience of the betting and gaming industry, together with his successful transformation of Sporting Index into a leading international and innovation betting business makes him ideally suited to lead the reinvigoration of Ladbrokes.

The Sunday Telegraph reported that under Richard Glynn, Ladbrokes is expected to improve its online offerings which has been slipping behind such rivals as Bet365.

A 32pc fall in annual pre-tax profits to GBP 174.1m was reported by Ladbrokes in January 2010. It also suffered a 7.2pc fall in the UK in the amount of customers gambling in its betting shops. This was all blamed on the recession. At the time Chris Bell stated that performance would continue to be limited because of unemployment and lack of consumer confidence but was confident that it would be offset by the impact of the World Cup.

Ladbrokes is one of the world’s largest betting groups.

Related Posts

Tags: ,

Leave a Reply