- Entain CEO resigns amid bribery probe
- £585 million settlement reached
- Market value rises 6%
In response to Jette Nygaard-Andersen’s abrupt departure, Entain’s market value soars, indicating shareholders’ relief.
Entain, the parent firm of Ladbrokes and Coral, settled a bribery inquiry for £585 million. Just weeks later, the CEO of Entain tendered his resignation immediately.
Wednesday morning, the City received a statement announcing that Jette Nygaard-Andersen had decided to resign and that Stella David, presently serving as a non-executive director, had been asked to fill the vacancy in the interim.
There have been reports of increasing shareholder discontent with Ms. Nygaard-Andersen’s strategy and leadership, but no explanation was provided.
A recent Financial Times article claimed that using private aircraft earned her the moniker “private Jette” among the firm’s finance and audit departments.
Two years after an HM Revenue & Customs (HMRC) investigation into alleged bribery offenses at the group’s erstwhile Turkish unit, which was sold in 2017, she assumed control of the company in 2021.
The activities of suppliers and former employees of the Entain group of enterprises were the subject of an investigation.
Specifically, HMRC was investigating the company’s alleged lack of adequate bribery prevention measures.
The stock opened the day with a gain of over 6%, following a year-to-date decline of over 33%.
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Barry Gibson, chairman of Entain, said in a statement that under Jette’s direction, the organization has implemented a significant strategic shift towards regulated or regulating markets, restructured its governance, optimized its operations, and enhanced its customer offering.
He also stated, “We are all indebted to Jette for her commitment to guiding the organization through this challenging period,” referring to the HMRC investigation.
