Tabcorp elects Brett Chenoweth as new chairman

Tabcorp Holdings has confirmed that Brett Chenoweth will succeed Bruce Akhurst as Chairman of the ASX gambling group.

Akhurst confirmed that he would step down as Chairman and governance duties of Tabcorp at the conclusion of the 2024 Annual General Meeting. A Non-Executive Director of Tabcorp since 2022, Chenoweth currently serves as the Chairman of Canberra Data Centres and RetireAustralia.

Chenoweth will lead Tabcorp’s board as the ASX firm overhauls the operating model of its business, which last month registered a full-year corporate loss of AU$ 1.4bn (circa €850m).

Under the new leadership of CEO Gillon McLachlan, Tabcorp will reset the operating model of its underperforming online, retail, and racing divisions. The decision saw Tabcorp retire its ‘TAB25 strategy’ to achieve 30% Digital Revenue Market Share, a 10% Return on Invested Capital, and an operating expenditure of $600m–$620m by 2025-to-2028.

Bruce Akhurst reflected on his tenure as Chairman, stating: “I’m proud of our achievements since Demerger. We’ve moved quickly to transform the company. We’re a faster, more innovative, and more responsive organization today than we have ever been. Over the last two years we’ve laid some important foundations for growth by winning the Victorian Licence, achieving structural reforms, and launching a new TAB App.”

In his address regarding the leadership transition, Akhurst expressed confidence in Chenoweth’s appointment: “I’m so pleased to have secured the services of Gill as our CEO, who with a strong team, will take the Company to the next level. With those major changes now complete, my job is done and the time is right to transition to a new leadership team.”

Brett Chenoweth also shared his vision for the future of Tabcorp: “I’m pleased to continue the Company’s transformation. A significant amount of heavy lifting has been completed with the new TAB App, level playing field reforms, and a refreshed leadership team. The work done over the last two years has been critical in building solid foundations and positioning us to capitalise when the market returns to growth.”

He continued: “Our goal is not just to recover from current challenges but to position Tabcorp as a market leader in the years ahead. We have the right team, the right strategy, and a clear vision of where we need to go.”

With the new leadership team, Tabcorp is expected to reset its course and regain stability, aiming for long-term growth in the face of market challenges. Chenoweth emphasized the importance of navigating these challenges head-on: “Further opportunity awaits, and I’m looking forward to working closely with Gill and my Board colleagues to unlock the shareholder value that we know lies within this Company.”

As part of the broader changes to Tabcorp’s governance, Justin Milne, a long-standing Non-Executive Director, will also retire from the Board after more than a decade of service. A director search is currently underway to fill his role and boardroom duties.