CEO of Ladbrokes Leaving the Company
10 years ago
05 Dec
Richard Glynn, a chief executive of Ladbrokes, will be leaving the company in 2015 after spending almost five years working there.
Ladbrokes was founded by W.H. Schwind and a man known only by the name of Pennington in 1886. The British-based company moved to London in 1902 and today owns over 2,014 betting shops in UK, Ireland, Spain and Belgium.
Ladbrokes operates several online gambling websites, offering poker, casino games, bingo, backgammon and a sports book.
Glynn was hired by Ladbrokes in April 2010. He signed a five-year contract and took a leadership role, earning a basic salary of £580,000.
When the company migrated from the Microgaming platform to Playtech, stock prices failed to reach the 208 pence target price. On December 2nd, the closing price of 144 pence was one of the main reasons for the parting of ways between Glynn and the company. Ladbrokes believes a new direction is in order.
Ladbrokes made a profit of only £3 million through its digital business in the first half of the year. That was seen as a failure for both the company and Glynn.
Earlier this year, Glynn was under pressure. He was told that if he didn’t manage to push through some key changes to both online and retail businesses before the World Cup, his job could be in jeopardy. Although he succeeded, the company was still uncertain whether he was the right man to remain at the helm. On December 3rd, Ladbrokes finally announced that they were looking to replace their current CEO.
It seems that those who worked with Glynn have only nice words to say about him and his leadership. A chairman of the gaming company said that Glynn set the path for Ladbrokes' future and that the company is stronger because of his leadership and efforts.
Richard claims to be proud and honored to have been part of the Ladbrokes team that demonstrated professionalism during his tenure and showed strength during hard times. He stated that everyone put in a tremendous amount of effort to deliver a transformation program despite a number of operational and economic challenges.
With a strong retail and digital offer, and the leading brand Ladbrokes is well placed to compete for high value multi-channel customers. Ladbrokes remains a strong brand – being the most recognized and the most used betting brand in the UK. However in recent years Ladbrokes digital products were in need to investment to better serve the needs of digital customers."www.ladbrokesplc.com;In the future, the company should focus on growing a stronger operational and digital platform. The new CEO, whoever he or she may be, will certainly be facing a challenging task.
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