Ladbrokes to seek new chief executive
Glynn was appointed to the role in April 2010 with a mandate to implement a recovery programme within a five year term.
In a statement issued today, the company said: “Whilst the board acknowledges that the recovery programme has taken longer to deliver than initially anticipated, in great part due to economic and regulatory headwinds, the board believes that the changes made are now deeply embedded in the organisation and that increasing attention should now be focused on delivering sustainable growth from a much stronger operational and digital platform.”
Ladbrokes said Glynn will complete his term and continue in his role as chief executive into 2015. The board will shortly start a process to identify his successor and the search will include both internal and external candidates. Once an appointment has been made, Glynn will remain in post as required to ensure an orderly transition.
The company added that it is trading in line with expectations for the current year and is confident that 2015 will see further operational and financial progress.
Peter Erskine, chairman of Ladbrokes, said: "On behalf of the board, I would like to thank Richard for his leadership of the company and his considerable achievements in delivering a new digital future for Ladbrokes. He has devoted enormous energy and dedication to securing the transformation of the company and the benefits of that work are beginning to be seen.
“I am pleased that he will both see through the final steps of the implementation plan and be on hand to facilitate an orderly succession process. Ladbrokes has been transformed and is a far stronger company as a result of his work."
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