Yahoo Finance Ladbrokes Begins Search For New Chief Exec
Ladbrokes (LSE: LAD.L - news) is beginning a search for a new chief executive as Richard Glynn prepares to leave the business.
The bookmaker made the unusual announcement in a statement to the stock exchange which confirmed he intended to remain in charge until a successor was appointed next year.
He has been at the helm for five years, during which time the industry has undergone a mobile betting and gaming revolution.
Ladbrokes has invested heavily in its digital offering amid criticism it was struggling to keep pace with market leader William Hill (Other OTC: WIMHY - news) .
The company said that from the start, Glynn's mission had been to turn around the company within a five-year term, a process the board insisted was on track.
The statement said: "The board will shortly start a process to identify his successor and the search will evaluate both internal and external candidates."
Ladbrokes said its trading remained within its previous expectations.
Its profits halved in the first six months of 2014 to £27.7m - a result of its investment in digital and gaming - but said in August it was now ready for growth.
Ladbrokes said it had delivered on all its key operational objectives during the period, which included switching its gaming products to a new system and replacing 9,000 gaming machines with more sophisticated models.
The company has also been closing down unprofitable betting shops - with a total of 50 to be lost this year.
Mr Glynn said: "Everyone at Ladbrokes has worked incredibly hard over the past nearly five years to deliver the transformation programme.
We have faced significant operational challenges, as well as economic and regulatory headwinds.
"However, I am pleased that the business is fundamentally stronger than it was and now has the operational and digital capabilities to compete effectively.
"We have delivered against all of the recent milestones and increasingly shown real competitive momentum."
"It has been a privilege to lead Ladbrokes over this crucial phase. I am very proud of the resilience and professionalism the team has shown during this intense period of activity.
"It is the right time for Ladbrokes to identify my successor. I will continue to serve the company to help ensure a smooth succession.
"I look forward to the company, the shareholders, our partners and, in particular, everyone in the team reaping the benefits over the next few years of all that has been sown."
