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Jette Nygaard-Andersen, CEO of global betting and gaming giant Entain, has resigned from her position with immediate effect.
Nygaard-Andersen told the FTSE 100-gambling group’s board that she wishes to stand down, with the news following the resolution of HMRC’s investigation into the company’s former Turkish-facing business.
Entain Chair Barry Gibson commented on Nygaard-Andersen’s departure from the company, thanking her for her services.
“Under Jette’s leadership, Entain has executed a fundamental strategic shift towards regulated or regulating markets, overhauled its governance, transformed its operations, and significantly improved its customer offering,” Gibson said.
“Jette’s decision to leave comes after the resolution of HMRC’s investigation into the Company’s legacy Turkish-facing business. She has offered exceptional leadership during what has been a hugely challenging period.
“It is no exaggeration to say that the HMRC investigation posed a number of threats to our Group. As the court last week recognised in approving a deferred prosecution agreement, had the matter not been resolved by way of a DPA, the consequences to the company and all of its stakeholders could have been disproportionate.
“The overhaul of the business model, strategy and culture of the Group in recent years was vital to securing the successful conclusion of a DPA process.
“We are all indebted to Jette for her dedication to steering the company through such a difficult time. She has also led the executive team in devising a new commercial strategy that I am confident will lead to stronger organic growth and a more profitable Entain. On a personal note, I am sorry to see Jette leave the business.”
On her departure, Nygaard-Andersen added: “The past three years have been rewarding and challenging in equal measure. The resolution of the HMRC investigation into the legacy business, which was sold by a former management team in 2017, offers a clean inflection point for me and for Entain.
“The group is now safe, stable and sustainable and I believe that this is the right time to move on to other business and career opportunities.”
With Nygaard-Andersen’s departure, the Entain board has asked current Senior Independent Non-Executive Director Stella David to become interim CEO, starting this week until a permanent replacement has been found.
David is currently Chair of Vue International and also holds Non-Executive Director roles at Bacardi, Domino’s Pizza Group and Norwegian Cruise Line Holdings. She has also held the positions of interim CEO at C&J Clark and CEO at William Grant & Sons.
“In Stella David, we are hugely fortunate to have an intensely commercial leader with a long track record of success across multiple industries,” Gibson added.
“I am confident that she will quickly help to set us on the path to achieving our strategic aims while we conduct a rigorous search for a permanent CEO.”
Meanwhile, David concluded: “I have been a Director of Entain for almost three years and have seen up close the extraordinary hard work that Jette and her team have put in overhauling the culture and practices at Entain.
“I look forward to helping to build on the strong foundations for future commercial success that she leaves behind her.”
Two years ago, Nygaard-Andersen opened the SBC Summit in Barcelona, just 24 hours after DraftKings had made a $22bn offer for the company. Watch her presentation here:
