Industry news sources have reported that John Haddock has left as Chief Executive Officer of independent bookmaker Betfred.
Haddock departs following thirty years’ service with the Manchester-based bookmaker, having served as CEO since August 2014 when he replaced Fred Done at the head of the company after years serving as managing director.
As yet, Betfred governance has not disclosed any details regarding Haddock’s departure. However, industry news sources report that company governance felt a leadership change was needed in order to reverse corporate performance.
The independent operator’s 2015 fiscal filing with UK Companies House (posted July 2016) reported operating losses of £76 million, as Betfred struggled with new UK gambling taxes, higher operational costs combined with lower betting margins.
The Racing Post reports that Betfred founder and chairman Fred Done has taken over Haddock’s duties temporarily. Done commented on the departure of Haddock.
“John Haddock has departed from the Betfred Group as CEO. I would like to thank John for his 30 years of loyal unblemished service and I wish him well for the future. For the time being I shall be assuming all of John’s duties.”
A Betfred stalwart, Haddock’s thirty years’ service with the bookmaker had seen him take on numerous executive roles, being a key stakeholder in Betfred’s retail expansion taking the operators betting shop portfolio from 400 shops in 2014 to its present +1400 inventory.